Security Bank posts P6.2B net income in H1 2022

Security Bank Corporation reported a P6.2 billion net income in the first half of 2022, a doubling from the previous year, propelled by its core business expansion, reduced credit loss provisions, and normalized tax provisions.

The bank's net interest income grew by 6 percent to P14.4 billion, while its total non-interest income reached P4.8 billion.

Service charges, fees, and commissions saw a 22 percent increase, amounting to P2.6 billion, with significant contributions from deposit, credit card, and capital markets fees.

Other non-interest income, excluding securities trading gains and fee income, surged by 47 percent to P2.2 billion, primarily due to foreign exchange gains and the recovery of previously charged-off assets.

Security Bank's pre-provision operating profit rose by 6 percent year-on-year to P8.5 billion.

The bank's provisions for credit losses decreased significantly to P408 million in the first half of 2022, compared to P2.4 billion in the same period last year.