Security Bank's net earnings plunge 66% to PHP1.7b in 1H13

Blame it on trading losses.

Due to weak 2Q13 results, Maybank Kim Eng cut its earnings forecast on SECB 32% to PHP4.6b in 2013 and 28% to PHP5.4b in 2014. 

Here's more from Maybank Kim Eng:

Net earnings plunged 66% YoY to PHP1.7b in 1H13, implying 88% decline to PHP483m in 2Q13. This was due to trading losses and margin compression as well as high operating costs.

With interest rates likely to be less stable moving forward, we cut our trading gains forecast by 51% and 42% to PHP1b each in 2013 and 2014.