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Security Bank posts higher net income in the first quarter
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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.