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December 06, 2022

Security Bank’s 9-month profits increases to 77 percent

SecBank posted a 77 percent jump in net income.

Security Bank Corporation recorded a 77 percent increase in net income to P8.6 billion in the first nine months of 2022 from P4.8 billion versus the same period last year.

The bank said the increase in earnings was primarily driven by growth in core businesses, lower credit provisions and normalized income tax provisions.

Meanwhile, total revenues increased 7 percent to P29.4 billion year-on-year as net interest income increased 7 percent to P22 billion. Net interest margin in the first nine months was 4.33 percent.