Security Bank Q2 profit climbs to P3.04 billion

SECURITY Bank Corp/s net income rose by 7.85% year on year in the second quarter on the back of double-digit revenue growth.

- Aaron Michael C. Sy

The bank’s net profit climbed to P3.04 billion in the April-to-June period from P2.82 billion a year ago, it said ina disclosure to the stock exchange on Wednesday.

This brought its first-half earnings to P5.86 billion, up by 7.59% year on year from P5.44 billion, which translated to a return on average equity and a return on average assets of 8.11% and 1.03%, respectively.

“We delivered another strong quarter with broad-based growth across retail, micro, small, and medium enterprises (MSMEs), and wholesale. Revenues rose 5% quarter-on-quarter against just a 1% rise in expenses, underscoring the stronger efficiency and profitability we are building. Strategic investments in tech and talent are elevating customer experience, strengthening security, and positioning us for sustained, profitable growth.” Security Bank President and Chief Executive Officer Sanjiv Vohra said.

The bank’s revenues in the second quarter rose by 23% year on year to P16,1 billion.