Security Bank's net income surged to PHP4.2b

Thanks to higher trading gains.

According to Maybank Kim Eng, Security Bank Corp reported higher-than-expected 9M13 net income of PHP4.2b mainly due to trading gains of PHP2b from sale of held-to-collect (HTC) securities in 3Q13.

Here's more:

Consequently, investment portfolio fell 41.5% QoQ to PHP36b at end-September, which may put pressure on trading income and NIMs next year. We adjusted our trading income to PHP1.8b, bringing our 2013F earnings higher 13% to PHP5.2b. This suggests 4Q13 income will reach about PHP1b, down 16% YoY.

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