Security Bank says 2016 profits hit record P8.6-B | ABS-CBN
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Security Bank says 2016 profits hit record P8.6-B
Security Bank says 2016 profits hit record P8.6-B
ABS-CBN News
Published Feb 01, 2017 04:43 PM PHT
MANILA - Security Bank Corp. said on Wednesday it booked record profits in 2016, driven by strong growth in its core recurring income.
MANILA - Security Bank Corp. said on Wednesday it booked record profits in 2016, driven by strong growth in its core recurring income.
The bank said last year's earnings grew 11 percent to P8.55 billion from the P7.75 billion posted in 2015.
The bank said last year's earnings grew 11 percent to P8.55 billion from the P7.75 billion posted in 2015.
Net interest income jumped 28 percent to P15.9 billion, offsetting the P1.1 billion decline in trading gains to P1.8 billion, the bank added.
Net interest income jumped 28 percent to P15.9 billion, offsetting the P1.1 billion decline in trading gains to P1.8 billion, the bank added.
“Our 2016 results show steady progress in our core recurring income. The growth in our net interest income more than offset the lower trading gains,” Alfonso Salcedo Jr., Security Bank president and chief executive, told the stock exchange.
Security Bank has 292 branches and 622 ATMs nationwide. Its shares were down 1.97 percent to P209 on Wednesday.
“Our 2016 results show steady progress in our core recurring income. The growth in our net interest income more than offset the lower trading gains,” Alfonso Salcedo Jr., Security Bank president and chief executive, told the stock exchange.
Security Bank has 292 branches and 622 ATMs nationwide. Its shares were down 1.97 percent to P209 on Wednesday.
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