Security Bank's Q1 net profit up 7% to P2.8B

Security Bank Corp. reported a 7% increase in its first-quarter net profit, reaching P2.8 billion, driven by a growing loan portfolio despite higher operational expenses.

The bank's net interest income saw an 11% rise to P11.9 billion during the same period.

Overall revenues expanded by 23% to P15.4 billion.

Service charges, fees, and commissions experienced a 30% decrease due to a one-time bancassurance fee recognized in the prior year.

Operating expenses increased by 23% as the bank invested in manpower and technology.

The nonperforming loan ratio improved to 3.1% from 3.41%.

Security Bank achieved a return on equity of 7.92%, an improvement from the previous year's 7.71%.

As of the end of March, the bank's assets amounted to P1.1 trillion.