Security Bank net income up 8% to P5.2B

SECURITY Bank Corp. posted P5.2 billion in net income in the first half of 2017, up eight percent from the year-ago level, driven by a 26 percent increase in net interest income to P9.3 billion.

Non-interest income including trading gains fell 15 percent to P2.9 billion.

In the first half of 2017, the increase in net interest income was driven by a 27 percent growth in the loan portfolio to P340 billion and a 26 percent growth in deposits to P380 billion.

Low-cost deposits increased 21 percent.

Wholesale loans grew 25 percent, of which corporate loan growth was 23 percent and middle market loan growth was 27 percent.

Consumer loans increased 49 percent. (PR)
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