IN the first nine months of 2023, Security Bank Corp. (PSE: SECB) posted a net profit of P7.6 billion, “driven by growth in core businesses, increase in quarterly net interest margin and normalized credit provisions.”
Net interest income increased 12 percent year-on-year to P24.7 billion. Total non-interest income was at P6.5 billion.
Service charges, fees and commissions grew 10 percent to P4.3 billion. Operating expense was 14-percent higher, driven by investments in manpower and technology.
Cost-to-income ratio was 60.7 percent compared to 56.3 percent a year ago. The private domestic universal bank posted total assets of P815 billion as of September 30, 2023.
The 72-year-old lender has a total of 320 branches and 657 ATMs, cash recycler machines and cash acceptance machines to-date.
