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Security Bank net profit drops 47% in Q2 amid tightened credit standards
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Published May 14, 2021, 3:53 PM
Security Bank Corporation reported that its net profit dipped 10 percent to P1.6 billion in the first quarter of 2021 from the P2.9 billion earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the bank said the decline was due to the passage of the CREATE law which triggered a one-time P1.2 billion charge for deferred tax assets.
Profit before tax was P3.3 billion, up 42 percent from the same period last year.
Total net interest income for the first quarter of 2021 was P6.6 billion, down 18 percent, as net interest margin was 4.39 percent, down 29 basis points year-on-year.
BusinessWorld
May 14, 2021 | 6:39 pm
BW FILE PHOTO
SECURITY BANK Corp. posted a lower net profit in the first three months of 2021 amid a decline in its trading gains as well as its earnings from loans and investments.
The lender’s net income dropped 43% to P1.643 billion in the January to March period from P2.888 billion a year earlier, the bank said in its financial report filed with the local bourse on Friday.
Return on shareholders’ equity was 5.38%, down from 9.7% as of March 2020, while return on assets also dropped to 0.96% from 1.46%.
Net interest income went down by 17.7% to P6.649 billion from P8.085 billion as interest earnings on both loans and investments dropped.