MANILA -Security Bank's first quarter net income dropped 11 percent to P2.4 billion amid a sharp increase in credit provisioning. This comes despite a 6-percent increase in revenue to P9.8 billion as the lender expanded net loans by 5 percent to P490 billion, driven by home lending and other retail loans, a stock exchange filing showed on Friday. Thus, net interest income grew 7 percent to P7.5 billion while non-interest income added 2 percent to P2.3 billion due to higher service charges, fees and commissions. Provisions for credit losses, however, surged to P616 million from P80 million in the first quarter of 2022. Security Bank said asset quality showed improvement as its...
Keep on reading: Larger loan buffer gnaws on Security Bank’s profit
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Keep on reading: Larger loan buffer gnaws on Security Bank’s profit
from INQUIRER.net https://ift.tt/NFG0U7k
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