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March 01, 2024

Robinsons Bank to name new independent director

Robinsons Bank Corp. headed by Elfren Antonio Sarte is set to name Ernesto Santiago as a new independent director.

The Gokongwei-led bank said Santiago is set to fill up the position vacated by Roberto Gaerlan who ceased serving as independent director last May19.

Other independent directors include David Mercado, Hermogenes Roxas, Teodoro Panganiban, and Catalino Abacan.

Aside from Sarte, other executive directors of Robinson Bank include Lance Gokongwei who is serving as chairman, Frederick Go who is vice chairman, Robina Gokongwei-Pe, Patrick Henry Go, and Omar Byron Mier.

Robinsons Bank, the financial services arm of the JG Summit Group of Companies, is one of the fastest growing commercial banks in the Philippines in terms of capitalization and asset size.

The bank is 60 percent owned by JG Summit Capital Services Corp. and 40 percent owned by Robinsons Retail Holdings Inc.


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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