Security Bank Corp. reported a 53% increase in its bottom line for the previous year, which it attributed to the growth in its core businesses and lower credit provisions.
In an emailed statement, Security Bank said its net income rose to P10.6 billion, as total revenues recorded an annual growth of 8% to P39.6 billion.
Net loans for the year climbed by 12% to P503 billion, on the back of higher wholesale loans which grew 10% and retail loans which grew by 16%, as home loans and credit cards both posted double-digit growth. Its gross non-performing loan ratio fell to 2.95% from 3.94%, while its NPL reserve cover jumped to 101% from 93%.
“We are encouraged by the underlying growth of the economy as it reopens and rebuilds,” Security Bank President and CEO Sanjiv Vohra said.
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