PNB s Veloso voted as BAP President By JON VIKTOR D. CABUENAS, GMA News
Published March 15, 2021 7:40pm Philippine National Bank (PNB) President and Chief Executive Officer Jose Arnulfo Wick Veloso was elected as the new president of the Bankers Association of the Philippines (BAP) during its annual membership meeting on Monday. In an emailed statement, Veloso said his leadership will focus on collaborative efforts with the government to help speed up the economic recovery. We will work with the government, its lawmakers and our regulators especially in building, enhancing, or amending banking laws and regulations to help promote economic activity safely, he said.
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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.
Security Bank, Thai partner inject P3 billion in new JV Lawrence Agcaoili © Philstar.com/Deejae Dumlao, file Security Bank, Thai partner inject P3 billion in new JV
MANILA, Philippines Security Bank Corp. and Thailand’s Bank of Ayudhya (Krungsri) are infusing P3 billion into their leasing and finance joint venture in anticipation of strong demand from the consumer finance segment as the economy recovers from the pandemic-induced recession.
Security Bank president and chief executive officer Sanjiv Vohra said the capital infusion of both Security Bank and Krungsri into SB Finance is an expression of support in the recovery of the economy.
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