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Security Bank profit surged 77% in January-September

Security Bank Corp. said profits from January to September shot up 77 percent to P8.6 billion after strong core income growth and a sharp increase in foreign exchange gains.

The lender said total revenues during the nine-month period were up 7 percent to P29.4 billion as net interest income expanded by 7 percent to P22 billion compared the same period last year.

Moreover, non-interest income added 6 percent to P7.4 billion as service, charges, fees and commissions climbed 22 percent.

Removing trading gains and fee income, Security Bank recorded a 32-percent earnings jump to P3.6 billion, driven by foreign exchange gains and the recovery of certain debts.

“Our third quarter re…

Keep on reading: Security Bank profit surged 77% in January-September

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