Security Bank Corp's 9M14 net income jumps 54% YoY to PHP6.4b

Increase was across the board as well.

Philippine-based Security Bank Corp. (SECB) posted higher-than-expected 9M14 net income of PHP6.4b, up 54% YoY.

According to a research note from Maybank Kim Eng, this accounted for 95% of its FY estimate of PHP6.8b and surpassed consensus forecast of PHP6.2b.

The increase was across the board, with net interest income rising 37%, fee income by 14% and trading gains surging 77%.

Here's more from Maybank Kim Eng:

Loans expanded 25% while deposits grew 26% for an LDR ratio of 78%.

In 3Q14, SECB's net earnings rose 13% YoY to PHP2.8b, mainly due to a 22% jump to PHP2.7b in net interest income and 11% increase to PHP1.9b in trading gains.