Security Bank Q1 net income up 21%

Security Bank reported a net income of P2.9 billion in Q1 2020, marking a 21% increase from the previous year.

The bank's total revenues surged by 75% to P13.2 billion, with core revenue growth at 41%. Security Bank increased its provisions for credit losses to P5.7 billion in response to the pandemic, surpassing the full-year 2019 buffer of P4.3 billion.

The bank reassessed its provisioning and intensified client engagement due to potential impacts from the coronavirus pandemic.