Security Bank Corp. posted a net income of P5.7 billion in the first half of 2020, up 14% from a year earlier.
“This is the result of growth in net interest income and trading gains coupled with proactive provisioning,” Security Bank said in a disclosure to the Philippine Stock Exchange.
The bank’s total revenues increased 68% to P25.9 billion.
Total net interest stood at P15.8 billion, up 34% to P15.8 billion.
Securities trading gains totaled P7.2 billion, significantly higher than the P1 billion in first half 2019.
Service charges, fees, and commissions decreased 10% to Php 1.7 billion.
Security Bank has set aside P11 billion as provisions for credit losses in the January to June period. This is a significant increase from the P639-million loan loss provisions in the same period last year.
The higher provisioning for anticipated credit losses reflects the bank’s proactive provisioning and anticipates a challenging economic environment brought about by the pandemic, it said.
By TED CORDERO, GMA News
Source: Peso Economics
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