Security Bank posts higher net profit in 2017

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Security guards stand on duty at a branch of Security Bank in Manila in this file photo taken on January 14, 2016 . -- AFP

Security Bank Corp. saw an increase in its net income in 2017 driven by growth across its business segments.

Based on a disclosure to the local bourse on Monday, Security Bank said its net income grew to P10.3 billion in 2017 by 20% compared with the P8.55 billion recorded in 2016.

The profit growth was mainly attributed to the 22% increase in net interest income to P19.4 billion from the P15.9 billion in a comparable year-ago period as well as the 15% growth in its non-interest income to P5.7 billion.

Meanwhile, trading gains were up 36% to P2.4 billion, while service charges, fees and commission income grew 3% to P2.2 billion.

This brought Security Bank’s total revenues to P25.1 billion by 20% in 2017. — Karl Angelo N. Vidal