SECURITY Bank Corp. posted P2.35 billion in net income in the first quarter of 2018, 16.6 percent or P468 million lower than the previous year’s level primarily due to the decrease in trading gains by 50 percent or P416 million and the increase in provision for income tax by P311 million.
Core revenues -- comprising of net interest income, fee-based income, and trading gains attributable to customer flows -- were up by 15 percent or P797 million. Net interest income grew by 13 percent to P5 billion.
The underlying customer business remained strong, with net interest income from customer loans and deposits increasing by 43 percent to P3.6 billion.
Interest income from financial investments decreased as the Bank reduced its securities portfolio by 11 percent year-on-year through securities sale. (PR)