Loans lift Security Bank's Q3 profit by 21%


Posted at Nov 08 2011 05:12 PM | Updated as of Nov 09 2011 01:12 AM

MANILA, Philippines - Security Bank Corp. said Tuesday its third-quarter earnings jumped 21% to P4 billion as strong loan growth offset a decline in trading gains.

In a statement, the bank said revenues went up 6.2% to P7.7 billion.

It said net interest margin increased 21% to P5.5 billion as customer loans grew 23% to P84.5 billion. Service charges and forex income grew 17%.

"These more than compensated for lower trading gains," Security Bank noted.

As of end-September 2011, Security Bank had a capital adequacy ratio of 18.3%, well above the minimum industry requirement of 10%.