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March 01, 2024

Ovialand gets P600M loan from Security Bank

Security Bank has granted a loan facility to the property developer.

Security Bank Corp. granted a P600 million loan facility to Ovialand. The bank said the firm will use the proceeds to pursue expansion plans including developing new horizontal residential projects and increasing the size of its land bank.

SB Capital Investment Corp. arranged the loan facility that was fully taken up by Security Bank. Ovialand said the financing package will enable the firm to be more aggressive in realizing its growth potential.


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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