(Update) Security Bank 9-mth net profit up 51% yr/yr

Security Bank Corp. said Monday its nine-month net profit rose 51 percent from a year earlier, boosted by better revenues. In a disclosure, Security Bank said it had a nine-month profit of P1.35 billion versus P897 million in the same period last year. The bank said revenues from January to September rose to P4.5 billion from P4.1 billion a year ago. "Although a decreasing interest rate environment for the better part of the first semester led to pressure on net margins, Security Bank seized opportunities to recognize trading gains on the bank's securities portfolio," the bank said. Security Bank said provisions for credit losses dropped 55 percent to P369 million in the first nine months of the year. Security Bank's non-performing loan ratio is 4.1 percent as of the third quarter, better than the industry average of 7.2 percent. - Patricia de Leon, GMANews.TV