SECURITY Bank Corp.’s 2019 net profit increased 17 percent to P10.1 billion.
Total revenues increased 33 percent to P33.9 billion as core business income continued its growth momentum.
Net interest income from customer loans and deposits/peso bond issuance grew 43 percent to P22.5 billion.
This was driven by the continued growth of retail loans and low-cost deposits.
Retail loans grew 56 percent, and now account for 29 percent of total loans versus 20 percent a year ago.
Wholesale loans decreased two percent due to tempered loan demand and disciplined pricing.
Total loans grew nine percent to P456 billion. Low-cost deposits increased 19 percent and grew to 45 percent of total deposits, up from 38 percent in 2018.
Net interest spread on loans and deposits/peso bond issuance in 2019 improved to 5.53 percent, up 112 basis points year-on-year.
Total net interest income increased 29 percent to P26.8 billion. Net interest margin in 2019 improved to 3.93 percent, up 66 basis points year-on-year. (PR)