Security Bank Corp. announced on Tuesday that it had approved its cash dividend declaration for the common shares.
In a disclosure to the local bourse, the listed bank said that each common share will receive P1.50.
It is “representing cash dividend of P1 per share and special semestral cash dividend of P0.50 per share.”
Security Bank is set to pay the dividends on November 26.
On March 31, the bank also declared P1.50 cash dividend per common share. The dividends were paid on April 30.
Earlier this month, Security Bank finalized its partnership with Thailand-based Bank of Ayudhya, which is commonly known as Krungsri.
This, after the Philippine Competition Commission approved Krungsri’s acquisition of 50-percent stake in SB Finance Co. Inc. (SBF), which is Security Bank’s consumer finance subsidiary. The listed bank inked a deal with the Thai bank last year involving the sale of SBF stake.
The deal is also seen resulting in SBF growing its loan portfolio and loan products being offered to clients. Both the Security Bank’s strength in unsecured personal loan segment and Bank of Ayudhya’s expertise in the Asean retail finance market are expected to aid the consumer finance product offering and service of SBF.
Security Bank saw its first half earnings climb by 14 percent to P5.7 billion from P5 billion last year for the same period on the back of higher net interest income and trading gains. Total revenues, meanwhile, surged by 68 percent to P25.9 billion while total net interest income rose by 34 percent to P15.8 billion in the first six months.
It earmarked P11-billion worth of buffer for potential credit losses, which is markedly higher than P639 million last year. Gross nonperforming loan ratio stood at 1.58 percent while NPL coverage ratio was at 174 percent.
Shares in Security Bank slid by 0.86 percent, or 85 centavos, to finish at P98.10 each amid the 1.17-percent drop for the main index on Tuesday.
1 comment
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