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March 01, 2024

Banks given more time to submit audited financial statements

The Bangko Sentral ng Pilipinas (BSP) has given banks and financial institutions two more months to submit their audited financial statements for 2021.

The central bank’s Monetary Board approved the extension of the deadline for the submission of the 2021 AFS and the Accompanying Reports of BSP-supervised financial institutions (BSFIs) to June 30 this year.

“The BSP recognizes that the sudden surge in COVID-19 cases in the early part of the year posed operational challenges related to the conduct of audit,” the central bank said.

According to the BSP, the extension affords both the BSFIs and the external auditors additional time to complete discussions on the results of audit and preparation of the AFS and accompanying reports.

The BSP granted similar relief to BSFIs for the submission of the 2020 AFS.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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