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March 01, 2024

Security Bank grants P3B loan to Manila Water unit

A unit of Manila Water Co. Inc. has sealed a P3-billion deal with Security Bank Corp. to bolster its capital spending and projects.

Security Bank has granted a loan facility to Manila Water’s wholly owned subsidiary Manila Water Philippine Ventures Inc. (MWPVI).The two institutions signed a 10-year, P3-billion term loan facility, and the proceeds of which shall be used exclusively to partially finance capital expenditures, fund existing projects of MWPVI’s subsidiaries or equity investments, and/or fund working capital or generate corporate purposes.

MWPV is a Manila Water unit solely used for its domestic units outside of the east zone.


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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