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MANILA, Philippines–Lender protection bank booked P8.6 billion in internet income final yr, down by sixteen percent from the old year, due to slower trading gains and a rise in tax provision.
In a disclosure to the Philippine inventory change (PSE) on Thursday, security financial institution stated that web activity earnings from customer loans and deposits increased through 30 p.c to P15.7 billion ultimate yr because the bank generated extra competitively priced deposits and expanded its mortgage book.
The bank improved its mortgage ebook through 12 p.c to P416 billion. customer loans grew through 47 percent, now accounting for a few fifth of complete loans compared to sixteen percent a yr ago. Wholesale loans rose by 7 p.c.
total deposits extended by way of 18 % to P489 billion. in your price range deposits grew through 15 p.c.
web hobby margin superior to 3.four within the fourth quarter, up by means of 13 basis elements 12 months-on-yr and up via 10 basis aspects quarter-on-quarter.
provider costs, charges and commissions increased by way of 26 % to P2.9 billion, driven by using bank card, bancassurance, mortgage costs and deposit expenses.
even so, buying and selling features diminished through 85 p.c or P2 billion yr-on-yr while the availability for profits tax rose via forty seven percent or P790 million, primarily accounted for the 16-% drop in net revenue remaining yr.
operating prices grew by 10 p.c, aside from provisions for credit and impairment losses.
safety bank had a complete of 305 branches and 760 automated teller machines as of end-2018. /jpv
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