Security Bank Corporation posted net profit of P4.8 billion in the first nine months of 2021, down by almost 28 percent from the P6.7 billion it posted for the same period last year.
Net interest income was P20.5 billion, down 12 percent from year-ago level. Total non-interest income was P7.0 billion, down 59 percent as 2020 was buoyed from extraordinary securities trading gains.
Service charges, fees and commissions increased 24 percent to P3.2 billion, with fee income sources increasing from their year-ago levels. Other non-interest income excluding securities trading gains grew 45 percent to P2.7 billion.
Operating expense was slightly up by 2 percent from the same period last year, driven by investments in technology and manpower to improve customer experience. The cost-to-income ratio was 57.3 percent.
Pre-provision operating profit (PPOP) was P11.7 billion. The bank set aside P4.1 billion as provisions for credit losses in the first nine months of 2021, a significant decrease versus year-ago level of P21.1 billion.
Gross non-performing loan ratio was 4.15 percent. NPL reserve cover was 91 percent.
Return on shareholders’ equity was 5.20 percent.
“We are optimistic on the improvements in the economic and health data over the past few weeks and the subsequent steps taken to open the economy. The bank is well positioned to support our clients as they recover from the pandemic impact.”– Security Bank President & CEO, Sanjiv Vohra.
