Security Bank net income up by 5% in third quarter

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Metro Manila (CNN Philippines, November 6) — Security Bank reported an increase in its net income in the third quarter of 2018.

In its latest disclosure, the bank reported a net income of ₱2.25 billion, 5 percent higher than what it earned for the same quarter last year.

This was driven by consumer loans and low-cost deposits, which grew by 48 percent and 18 percent respectively.

Security Bank also expanded further in Mindanao during the third quarter, opening three new branches in Davao City, Cotabato City and General Santos City.

On October 30, Security Bank's Board of Directors approved the cash dividends of ₱1.50 per common share to stockholders, bringing the total cash dividend for the year to ₱3.00 per common share.

Trading of Security Bank (SECB) stocks ended at a unit price of ₱145.90 on November 6, down by 0.14 percent.