SECURITY Bank Corp. posted a 66 percent year-over-year increase in net income to P2.7 billion in the first quarter of 2022, driven by growth in core businesses, lower credit provisions and normalized income tax provisions.
2021 tax provisions were impacted by a one-time charge triggered by the passage of the Create Law. Net interest income increased five percent to P7 billion.
Net interest margin in the first quarter was 4.19 percent, slightly down by two basis points year-on-year.
Total non-interest income likewise increased eight percent to P2.3 billion.
Service charges, fees and commissions grew 22 percent to P1.3 billion, led by increase in fees from deposits, capital market and credit cards.
Other non-interest income excluding securities trading gains and fee income rose 168 percent to P1 billion, driven mainly by recovery on charged-off assets and foreign exchange income. (PR)