Wednesday 23 January
May 2, 2018 @ 18:04

Security Bank Q1 income drops due to lower FX gains


A weaker peso kept profits down from a year ago.

Security Bank Corp. made P2.35 billion in net income for the first three months of 2018, 16.6 percent lower than the amount they made a year ago.

In a statement, the bank said the drop stems mainly from a P416-million decline in gains from foreign exchange trading. Bigger income tax payments also led to the drop in profits, Security Bank said in a disclosure.

Still, the bank’s core businesses remained robust with core revenues up by 15 percent, supported by a P5-billion increase in net interest income.

“The underlying customer business remained strong, with net interest income from customer loans and deposits increasing by 43% to Php 3.6 billion,” the bank told the Philippine Stock Exchange.

Loans grew by 20 percent year-on-year to hit P367 billion, while deposits rose by 11 percent to P420 billion.

Please follow and like us:

Tags: , ,

Related Stories
The technology and motif are screaming to millennials.
Warmer relations with China led to this breakthrough.
This bank stole the spotlight from the country's biggest players this year.
Union Galvasteel Corp., a unit of Del Rosario-led holding firm Phinma Corp., secured P500 million


Trending News

Recommended on sister sites

Copyright © 2019 Bilyonaryo - Latest news on the richest Filipinos and Family Business.