Security Bank Corp.’s net profit sank to P1 billion in the three months ending September, dragging its bottomline in the first three quarters of 2020. Security Bank said it set aside P21.1 billion as provisions for credit losses in the first nine months, much higher than the year-earlier P1.8 billion. Total deposits slipped by 10 percent year-on-year to P436 billion while total loans hit P431 billion, lower by 3 percent year-on-year. Total assets reached P651 billion, a 19-percent reduction year-on-year. Security Bank shares lost P1.50 or 1.40 percent to close at P105.50 each on Friday.

Source: Manila Times November 13, 2020 16:40 UTC