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Manila Bulletin devider Business devider Security Bank net income drop 46% to P3.1 B in H1

Security Bank net income drop 46% to P3.1 B in H1

Published Aug 15, 2021 08:45 am

Security Bank Corporation (PSE: SECB) posted 46 percent drop in net profit to P3.1 billion in the first half of 2021 from the P5.7 billion reported for the same period last year.

In a disclosure to the Philippine Stock Exchange, the bank said its profit before tax was up 20 percent to P5.5 billion versus the same period last year.

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Net interest income for the first half reached P13.6 billion, down 14 percent from year-ago level. Non-interest income was P4.8 billion, down 52 percent as 2020 was buoyed by extraordinary securities trading gains.

Service charges, fees and commissions increased 28 percent to P2.1 billion, with fee income sources increasing from their year-ago levels.

Operating expense in the first half of 2021 was slightly up 0.9 percent from the same period last year, driven by investments in technology and manpower to improve customer experience.

Pre-provision operating profit (PPOP) was P8.0 billion. The Bank set aside P2.4 billion as provisions for credit losses in the first half of 2021, a significant decrease versus P11 billion in the same period last year.

Gross non-performing loan ratio was 3.93 percent. Non-performing loan reserve cover was 103 percent.

For the April 1 to June 30, 2021 period, net income was P1.5 billion. On a sequential quarter-on-quarter basis, total revenues increased 9 percent to P9.6 billion.

Net interest income grew 4 percent to P6.9 billion. Non-interest income increased 23 percent to P2.6 billion.

Net interest margin in the second quarter of 2021 was 4.29 percent, up 7 basis points quarter-on-quarter and down 35 basis points year-on-year.

Pre-provision operating profit in the second quarter of 2021 was P4.3 billion, 15 percent higher than quarter-ago level. In the second quarter of the year, the Bank set aside P2 billion as provisions for credit losses.

Low-cost savings and demand deposits increased 16% from year-ago level, and account for 55 percent of total deposits, up from 48 percent a year ago. High-cost deposits decreased 11 percent as total deposits increased 2 percent to P522 billion.

Gross loans stood at P438 billion, down 4 percent from year-ago level. Gross retail loans decreased 12 percent year-on-year, and account for 26 percent of total loans, while wholesale loans decreased 1 percent.

“Our second quarter results reflect continued quarter-on-quarter improvement from the fourth quarter of 2020 despite the challenging pandemic backdrop,” said Security Bank President and CEO Sanjiv Vohra.

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Sanjiv Vohra Security Bank Corporation
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