BusinessWorld
March 3, 2021 | 12:04 am
SECURITY BANK Corp. saw its net income drop by 26.7% to P7.4 billion in 2020 as it set aside more loan loss reserves amid the crisis. BW FILE PHOTO
SECURITY BANK Corp. saw its net income drop by 26.7% last year as it hiked its loan loss provisions to manage risks amid the coronavirus pandemic, the lender told the local bourse on Tuesday.
The bank’s net profit went down to P7.4 billion in 2020 from P10.1 billion it logged a year ago, based on its financial statement for 2019.
Return on shareholders’ equity was 6.16%. while return on assets was at 1.03%.
It set aside P26.4 billion as provisions for an anticipated surge in credit losses last year or over six times as much as the P4.2 billion recorded in 2019.
February 24, 2021 | 12:03 am Advertisement
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SECURITY Bank Corp. and Bank of Ayudhya Public Co. Ltd. are looking to infuse P3 billion in capital into SB Finance, Inc. BW FILE PHOTO
SECURITY BANK CORP. and Thailand-based Bank of Ayudhya Public Co. Ltd. (Krungsri) are set to infuse P3 billion in fresh capital into their consumer finance subsidiary SB Finance, Inc. for its expansion.
Security Bank told the local bourse on Tuesday that the two banks have obtained internal approvals to infuse the additional capital as SB Finance gears up to expand its business and invest in digital technology.
SB Finance will issue 25,850,000 common shares that will be subscribed to on a 50:50 basis by Security Bank and Krungsri once they get approvals from regulators, it said.