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March 01, 2024

Caloocan-based thrift bank delays annual stockholders’ meeting by 1 month

Philippine Business Bank (PBB) led by bankero Rolando Avante has delayed its annual stockholders’ meeting by one month due to the unavailability of supporting and material documents to submit preliminary information sheet.

The Board of Directors of the country’s third largest thrift bank approved the resetting of its annual stockholders’ meeting to July 29 from June 24.

Under the bank’s By-Laws, PBB is supposed to hold its annual stockholders’ meeting during the last Friday of May.

The thrift bank based in Caloocan City has requested for an extension on the submission of its quarter report as management and its external auditor are still finalizing the 2021 full year and first quarter 2022 figures.

PBB is owned by the family of businessman Alfredo Yao.


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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