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Converge income rises 11% to P2B as revenues climb

LISTED fiber internet service provider Converge ICT Solutions, Inc. announced on Thursday an 11% increase in its third-quarter net income to P2.16 billion from P1.95 billion in the same period a year earlier despite economic challenges.

Matthias Vukovich, chief financial office advisor at Converge, also said that the company has revised its capital expenditure guidance for the year to P21-23 billion from the P25 billion set previously.

Total revenues for the third quarter rose 20% to P8.43 billion from P7.05 billion in 2021. This was driven by the revenue growth in the company’s residential and enterprise businesses.

The cost of services for the quarter increased 26% to P3.32 billion from P2.64 billion previously.

“Despite the macroeconomic pressures experienced throughout the year, Converge has continued to achieve solid financial growth. This was driven mainly by the growth in our subscriber base,” Converge President Maria Grace Y. Uy said during a briefing.

For the nine months that ended Sept. 30, Converge saw its net income grow 17% to P6.11 billion from P5.2 billion in 2021.

Revenues for the period went up 30% to P24.48 billion from P18.83 billion previously, while the cost of services increased 29% to P9.65 billion from P7.46 billion in the same period last year.

“Our fiber digital highway is now running around 600,000 kilometers, reaching our northernmost provinces in the Ilocos and Cordillera regions up to Palawan and the Bicol region, and the major islands in the Visayas and key cities in Mindanao. And it’s not yet over. Our mission is to reach the underserved areas in the country with our world-class fiber infrastructure,” Converge Chief Executive Officer Dennis Anthony H. Uy said.

The company achieved earnings before interests, taxes, depreciation, and amortization (EBITDA) of P14.4 billion in the first nine months of the year, 39% higher than the previous year.

“As a result, the company’s consolidated EBITDA margin reached an all-time high of 59.0% during the nine-month period,” Converge noted. — Arjay L. Balinbin

8990 Holdings’ profit up 34% on eased mobility

8990 HOLDINGS, INC. posted 34.1% higher attributable net income to P2.65 billion in the third quarter from P1.97 billion last year on eased mobility restrictions.

For the quarter, the company’s topline reached P6.98 billion, up by 30.7% from P5.34 billion in the same period a year ago.

Real estate sales contributed P6.92 billion, 29.8% higher than P5.34 billion last year. Rental income was 68.5% lower at P1.33 million from P4.21 million a year ago.

“The outstanding results for the third quarter also significantly boosted the calendar-year results of the country’s leading affordable developer by double digits,” the company said.

For the nine-month period, the company’s attributable net income rose by 15.9% to P6.29 billion from P5.43 billion last year.

From January to September, 8990 Holdings’ topline totaled P17.03 billion, up by 10.9% from P15.31 billion in 2021.

Real estate sales contributed P16.88 billion, 10.6% higher than P15.27 billion a year ago, while rental income’s share was 97.2% lower at P2.4 billion from P84.75 billion.

8990 Holding’s vertical projects contributed 59% to revenues, while horizontal projects made up 41% of the total.

As of September, the company delivered 8,882 additional homes — 56% in Luzon, 23% in the Visayas and 22% in Mindanao.

The company said it has 704.66 hectares of land holdings with a potential sale value of P155 billion.

On Thursday, shares in 8990 Holdings climbed by 90 centavos or 9.57% P10.30 apiece. — Justine Irish D. Tabile

Robinsons Land’s REIT reports 67% profit growth

RL Commercial REIT, Inc. (RCR) registered a 67.2% rise in third-quarter attributable net income to P1.14 billion after completing new acquisitions, it said on Thursday.

In a regulatory filing, the real estate investment trust (REIT) of Robinsons Land Corp. said revenues for the period doubled to P1.45 billion from P718.23 million a year ago.

Rental income accounted for the bulk of revenue as it increased more than twice to P1.19 billion from P585.55 million a year ago.

During the quarter, Robinsons Cyberscape Gamma was transferred to RCR through an asset-for-share swap. The move allowed revenues from the development to be accrued to RCR.

Earlier this year, RCR added Robinsons Cybergate Bacolod to its portfolio, also from its listing sponsor, Robinsons Land.

“The infusion of two accretive assets shows our unrelenting commitment to continuously grow RCR,” said Jericho P. Go, president and chief executive officer of RCR, in a press release.

For the nine-month period, RCR’s attributable net income increased by almost five times to P3.13 billion from P633.79 million last year.

Revenues from January to September stood at P1.45 billion, more than double the P718.23 million posted a year ago.

Rental income was the largest year-to-date contributor with P1.19 billion, up by 103.8% from P585.55 billion.

RCR shares rose 0.79% or P0.04 to close at P5.13 each on Thursday. — Justine Irish D. Tabile

Women of Pinoy Rock come together

SIX women in Pinoy Rock are coming together for a one-night concert titled TANAW on Nov. 26 at The Theatre at Solaire.

TANAW will feature five Filipino singer-songwriters who used to be the lead vocalists of top local bands: Acel Bisa, the former vocalist of Moonstar88; Aia de Leon who was the lead vocalist and guitarist of Imago; Barbie Almalbis, who was the lead vocalist of Hungry Young Poets and Barbie’s Cradle; and Kitchie Nadal and Lougee Basabas, both of whom were lead vocalists of the band Mojofly — Ms. Nadal from 1998 to 2003, and Ms. Basabas from 2003 to 2007, then again from 2015 to the present. Also performing is Hannah Romawac of sessiOnroad. The concert marks the first time that the six will be performing together in a concert.

The idea for the concert started over lunch. The singers were catching up for the first time since the start of the coronavirus pandemic lockdowns.

“It’s been a while since we last saw each other in gigs,” Ms. De Leon said during a press conference at The Theater at Solaire in Parañaque City. “We were just talking about music and life. And we posted a photo of [the lunch] online,” Ms. Almalbis added.

The lunch opened the opportunity to collaborate and perform in a concert.

The show’s title, TANAW, the musicians said, has a dual meaning — both reminiscing and looking ahead.

“At this stage in our careers, ang dami na naming pinagdaan at ang dami ng to be grateful for (we have been through a lot and there are many things to be grateful for),” Ms. Almalbis said of the concert’s title.

Meanwhile, Kitchie Nadal, who is in Spain, will be coming home in time for the concert.

“The girls have been very encouraging. They know it will not be very easy for me to say ‘yes’ since I’ll be coming all the way from Spain. However, it would be a good time for me to break a routine and be with people who are like-minded and I could really learn from,” Ms. Nadal said in a video shown at the press conference, adding that the audience is to expect “nostalgic songs and a new single.”

It is never a bore to play the same song over again, said the singers.

“It’s still always so much fun and there is always room to play with the arrangement,” Ms. Almalbis said. To which Hannah Romawac added: “You never play it the same way.”

The event is produced by GNN Entertainment and co-presented by The Theatre at Solaire. Tickets to TANAW are available via TicketWorld (https://premier.ticketworld.com.ph/shows/Show.aspx?sh=TANAW22). Ticket prices range from P1,300 to P4,600. — Michelle Anne P. Soliman

AREIT records 69% profit growth to P814M

AYALA-LED AREIT, Inc. reported a 69.2% rise in third-quarter net income to P814.21 million due to higher contributions from its asset infusions last year.

In a stock exchange disclosure on Thursday, the real estate investment trust (REIT) said revenues during the quarter grew 69.3% to P1.19 billion.

Rental income was the biggest contributor with P896.57 million, up by 69.7% from P528.46 million.

During the nine-month period, AREIT’s net income climbed by 35.8% to P2.4 billion, which it attributed to contributions from assets acquired in 2021.

Its revenues from January to September increased by 67.9% to P3.56 billion. The company’s rental income surged 65.4% to P2.64 billion.

AREIT said that as of September, its portfolio’s average occupancy rate was 97%, while the rental collection rate was at 98%.

In June, the company filed a deed of exchange for the infusion of Ayala Land, Inc.’s six Cebu-based office buildings.

“It is awaiting regulatory approvals for this second property-for-share swap with its sponsor — [Ayala Land], within the year,” the company said.

If realized, the move will increase AREIT’s total gross leasable area to 673,000 square meters and its assets under management to P64 billion.

“[This is] a 113% increase since its initial public offering with a target to double in size within two years,” the company said.

On the stock exchange on Thursday, shares in AREIT climbed by 10 centavos or 0.32% to P31.80 apiece. — Justine Irish D. Tabile

Kurt Cobain’s smashed guitar, Lennon’s glasses hit auction block

NIRVANA lead vocalist Kurt Cobain’s smashed guitar — JULIENSAUCTIONS.COM

NEW YORK — A Kurt Cobain smashed guitar is expected to fetch top dollar at Julien’s Auction’s annual Icons & Idols: Rock ‘N’ Roll Auction in New York.

The taped-up instrument is considered by some a piece of rock and roll history and estimated to be worth $200,000 to $400,000.

“This guitar was actually smashed in Williamsport, Pennsylvania, 1989,” said executive director of Julien’s Auctions, Martin Nolan. “He’s actually written on the guitar.”

Over 1,500 lots are included that features items from Beyonce, Prince, and Carrie Underwood.

Glasses worn by John Lennon are estimated to sell for over $80,000.

“You sort of identified John Lennon as wearing those type of round granny glasses, as he called them himself. And their photo match to a photograph taken by Ian McKellen for the book The Lives of John Lennon — it comes with that book as well.”

Mr. Nolan said since the pandemic there has been a surge in people wanting to own iconic items.

“People are sort of taking their money out of sort of intangible items or even real estate items that they have in their investment portfolio and choosing to own something cool, something that they can relate to.”

The sale will take place live at the Hard Rock Café in New York City’s Times Square and online from Nov. 11-13. — Reuters

Maersk to increase warehousing footprint in PHL  

SHIPPING FIRM A.P. Moller-Maersk is set to expand its warehousing footprint in the Philippines after the groundbreaking of a new warehouse in Laguna.

The company said in a statement on Thursday that the construction of its new 100,000-square-meter warehouse in Calamba is expected to be finished by the end of 2023.

According to Maersk, the facility will be operated by its newly created omnichannel-fulfillment team after it acquired contract logistics firm LF Logistics.

“The total area is equivalent to almost three times of LF Logistics’ current multi-service distribution center in the province of Rizal and will enhance the overall warehouse and distribution footprint further in the Philippines,” the firm said.

Maersk said that the facility will have a 75,000-pallet storage capacity with distribution center technologies such as pallet shuttles, automated sortation, put-to-light, yard management systems, and track-and-trace capabilities.

The firm added that the facility is primed to meet the needs of retail, pharmaceutical, and e-commerce customers.

“The facility will integrate LF Logistics’ key service offerings into Maersk’s product portfolios, including value-added services, distribution services, order management, and end-to-end e-commerce,” it added.

Maersk said that the build-to-specification agreement has been signed with local developer Precos, Inc., which is a unit of Solid Group, Inc., guaranteeing a 15-year lease.

“Maersk’s strategic ambition is to connect and simplify our customers’ supply chains. With combining LF Logistics’ strength in the Philippines and strong expertise in our omnichannel-fulfillment operations, we will extend the scope of our logistics offerings closer to the end-consumers. Expanding the warehousing footprint and omnichannel-fulfillment competence is crucial to our strategic growth,” Maersk Indonesia and Philippines Area Managing Director Erry Hardianto said.

With the acquisition of LF Logistics, Maersk currently operates 96 warehouses in the Philippines.

“Building this mega facility in South Luzon enables us to provide a more agile, resilient, and more flexible end-to-end supply chain, complementing the infrastructure and network we have built and sustained over the past two decades in the Philippines. This project will also help create 800 job opportunities for the surrounding communities, aligned with our corporate social responsibility,” LF Logistics Senior Vice President and Head of Country and Business Development Jocelyn O. Ramos said. — Revin Mikhael D. Ochave

Super skills on show for Guinness World Records Day

LONDON — Feats ranging from the most alternating single-arm handstands in one minute to solving the most rotating puzzle cubes while skateboarding were celebrated in this year’s Guinness World Records Day on Nov. 10.

With the theme of “Super Skills,” the 19th annual event has prompted people across continents to set new milestones for what is humanly possible.

While skateboarding around a skateboard park, British student and speedcubing champion George Scholey solved 500 rotating puzzle cubes handed to him by helpers. In Japan, Junji Nakasone rolled three basketballs from one outstretched arm to the other across his chest 56 times.

“Guinness World Records Day is a global celebration of the superlative so it’s a chance for everyone around the world to have a go at getting their name in the famous Guinness World Records book,” said Craig Glenday, editor-in-chief of Guinness World Records.

“We’ve all got skills, we’ve all got party tricks but are they good enough to make it into the Guinness World Records book. Are they extreme enough? We see hundreds of attempts in lots of different countries.”

In Dubai, Ammar Ahmed Alkhudhiri and Abdulla Saeed Alhattawi combined two skills. One performed a wheelie on a quad bike, with the front wheel off the ground as the other sat on top bouncing a football on one foot 70 times.

Alkhudhiri also did 87 consecutive football touches in 30 seconds while hanging from a bar with one hand.

Nicolas Montes de Oca from Mexico scored three titles: most single-arm handstands in one minute (male) with 23 repetitions, most handstands in one minute (male), totaling 41 repetitions, and most alternating single-arm handstands in one minute, with 32 repetitions.

In Orlando, Florida, Dinesh Sunar did 21 backward somersaults while blindfolded in one minute.

In China, cyclist Zhang Jing Kun took the title of most bunny hops to rear onto a bar in one minute, springing over the hurdle 14 times on his bike. — Reuters

Ralph Fiennes cooks up culinary heaven and hell in The Menu

LONDON — Anya Taylor-Joy and Nicholas Hoult get served a meal to die for in The Menu, a satirical thriller set in the world of fine dining.

The Queen’s Gambit and X-Men stars play Margot and Tyler, a young couple who gets whisked a way to a remote private island hosting the exclusive gastronomic establishment Hawthorne and its many vegetable patches, farm animals, beehives, and live-in staff dormitories.

The two are part of a select group of 12 who have paid a small fortune to dine at the restaurant run by the celebrated American chef Julian Slowik (Ralph Fiennes).

Unbeknownst to his wealthy guests, Mr. Slowik and his team of robot-like professionals have planned a one-off menu with some unexpected ingredients especially for them. But the arrival of Margot seems to sour Mr. Slowik’s concoction.

The movie pokes fun at its moneyed guests, their ostentatious fine dining experience and the celebrity chef phenomenon, all of which have driven Mr. Slowik to despair and disillusionment.

“This story for me is about privilege for privileges’ sake or pretentiousness for pretentiousness’ sake,” Ms. Taylor-Joy told Reuters at the film’s London premiere on Wednesday.

“If you’re not enjoying yourself and if you’re not enjoying life, then what are you really doing? I think a lot of these characters are insatiable and it’s definitely a dark satire on that topic.”

The film’s director, Mark Mylod, of Succession and Game of Thrones fame, brought in top chefs to ensure authenticity.

“We worked with Dominique Crenn, she has three Michelin stars and is literally a world-class chef… we worked with David Gelp, who was the creator of Chef’s Table and came in to do some great food porn shots for us,” he said.

In addition, Ms. Crenn and Mr. Gelp inspired some of the cast to get cooking, too.

“I wasn’t really a foodie before this. I got more into it having watched those things and learnt more about it. And when I’m not shooting, I do like to cook and I’ve just recently got into baking a little bit,” said Mr. Hoult.

The Menu, which also stars John Leguizamo as a Hollywood star of yesteryear, Janet McTeer as a snobby food critic, and Hong Chau as the restaurant’s unwavering maitre d’, is out in cinemas globally from Nov. 17. — Reuters

Cebu Air losses shrink to P2.5B

CEBU AIR, Inc. (CEB), the listed operator of budget carrier Cebu Pacific, announced on Thursday that it managed to cut its attributable net loss for the third quarter of the year to P2.54 billion from a loss of P8.20 billion in the same period last year.

The company’s revenues for the quarter reached P16.85 billion, surging from P3.25 billion previously.

This was “propelled by a strong recovery across its business segments,” the company said in an e-mailed statement.

Expenses increased 111.6% to P19.89 billion from P9.4 billion in the same period last year.

“Despite being a lean season, the continuous easing of travel requirements encouraged strong travel demand. For the third quarter, CEB has flown over four million passengers, a 489% increase versus third-quarter last year,” the company said.

Cebu Pacific’s seat load factor rose to 74% from 57.5% last year. “This consequently resulted in the growth of passenger and ancillary businesses by 724% and 725% year on year, respectively,” Cebu Air noted,

The airline’s cargo business posted revenue of at least P2 billion, 41% higher than last year. It flew over 30,300 flights during the quarter or 318% more than the same quarter last year.

“We are encouraged by some notable improvements in our numbers amidst the ongoing challenges related to fuel and foreign exchange rates. We remain cautiously optimistic that through our ongoing initiatives, coupled with a sustained increase in passenger traffic, we will soon see better days ahead,” said Mark Julius V. Cezar, chief financial officer at Cebu Pacific.

For the January-to-September period, the company reduced its attributable net loss to P12.05 billion from a loss of P21.1 billion previously. Revenues for the period jumped to P37.53 billion from P9.15 billion in 2021.

Expenses for the nine-month period rose 79.1% to P48.73 billion from P27.99 billion last year. — Arjay L. Balinbin

Stuff to do (11/11/22)

‘Threads & Strokes’ exhibit at Newport World Resorts

FASHION pushes the boundaries of art at the “Threads and Strokes Avant-Garde Spectacle” of Newport World Resorts, on view until Nov. 13 at The Plaza 2F Newport Mall. Filipino designers showcase their show-stopping pieces in the Deck the Runway Fashion Show on Nov. 11 at 5 p.m. The unconventional fashion display highlights some of the most intricate works of up-and-coming designers as they play with threads and strokes of colors and textures to push their creations over the top. There is Ehrran Montoya’s Metamorphosis, Mark Lixcel Lantican’s Born to Die, Maricris Dela Peña-Slodysco’s Soft Serving in Paradise, Carl Arcusa’s Love after Death, MC Mikael Castillo’s Kaeru, Job Dacon’s Victorian Mourning Gown, and more eye-popping creations. For more information on ‘Threads and Strokes’ at Newport World Resorts Mall, visit www.newportworldresorts.com and follow @newportworldresorts and @newportmall on Facebook and Instagram, and @nwresorts on Twitter.

GMA Network’s Noel Bazaar returns

THIS YEAR, GMA Network’s Noel Bazaar — where Christmas shoppers get to shop for a cause and bring home pre-loved celebrity items at affordable prices — returns beginning Nov. 11 and every succeeding Friday of Novermer. GMA affiliated artists are set to donate and serve as celebrity ambassadors in raising funds for Noel Bazaar’s partner beneficiaries, including the GMA Kapuso Foundation and the Inquirer Foundation. Catch Rhian Ramos at Okada Manila on Nov. 11, Jasmine Curtis at The Filinvest Tent, Alabang on Nov. 18, and Max Collins, and Michelle Dee at the World Trade Center on Nov. 25. Shoppers can find second-hand items at the GMA Celebrity Ukay-Ukay and Celebrity Auction at Okada Manila and The World Trade Center with items donated by artists like Bea Alonzo, Gabbi Garcia, Julie Anne San Jose, Rufa Mae Quinto, Christian Bautista, Patricia Tumulak, Mark Herras, and Manolo Pedrosa. Also donating pre-loved items are GMA News and Public Affairs personalities. The Noel Bazaar 2022 series is presented in partnership with GMA Network, the Inquirer Group of Companies, UnionBank, and Okada Manila.

Rudolf Golez, Noam Zur in PPO concert

PIANIST Rudolf P. Golez will be the featured soloist of the Philippine Philharmonic Orchestra (PPO) season concert on Nov. 11, 8 p.m., at the Metropolitan Theater of Manila. For the concert, Mr. Golez will perform George Gershwin’s Rhapsody in Blue. Other works to be featured in the concert are Gioachino Rossini’s The Barber of Seville, Nicanor Abelardo’s Cinderella Overture, and Modest Mussorgsky’s Pictures at an Exhibition. Mr. Golez concertizes mainly in the Philippines and the United States and looks forward to gain exposure in the concert stage of the capitals in Europe even as he carries out his responsibilities as Dean of the Liceo Conservatory of Music in Cagayan de Oro. He also endeavors to record his life’s repertoire in a CD and may include instructional material for his students. In 2021, he finished his Doctoral program in piano performance at the Philippine Women’s University. The concert is the third offering in the PPO’s 38th concert season entitled Metamorphosis and continues the PPO search for its new Music Director. Metamorphosis features eight conductors, five of whom are shortlisted for the Music Director position. Guest conductor Noam Zur takes the helm of the PPO for this concert. Since 2017, he was the principal conductor and artistic director of the State Symphony Orchestra of Salta, Argentina. He has over 20 years of professional and conducting experience during which he developed an expansive repertoire in opera, ballet and symphony. He is also a composer and arranger, having recorded his own works in Funkhausorchester des WDR Köln in 2016 which he conducted as well. For more information, visit the CCP website (www.culturalcenter.gov.ph) and follow the official CCP social media accounts on Facebook, Twitter, and Instagram for the latest updates.

Leonor Will Never Die screenings in Trinoma

MARTIKA Escobar’s film Leonor Will Never Die will screen on Sundays of November at Trinoma Cinema 5 in Quezon City. The movie won the Sundance Film Festival 2022 Special Jury Prize Award and Toronto International Film Festival 2022 Amplify Voices Award. The film stars Sheila Franciso who plays a retired action film scriptwriter who, after hitting her head with a television, falls into a coma and dreams of starring in her unfinished script. The block screenings are on Nov. 13, Nov. 20, and Nov. 27 at 3 p.m. Tickets are priced at P300. A portion of the proceeds will go to the funds needed for succeeding screenings. Tickets are available at the entrance of Cinema 5, and through this link: https://tinyurl.com/SundanceAnniv. Tote bags, stickers, and postcard merchandise will also be available. The film is now available for private show buying, exclusive booking at Sine Pop, and school screenings. For more information, visit https://www.facebook.com/leonorwillneverdie.

2022 Hybrid National Trade Fair

THE 2022 Hybrid National Trade Fair returns on Nov. 16 to 20 at the SM Megamall Megatrade Halls 1 to 3. Themed “Go Green! Go Local!,” the 2022 Hybrid National Trade Fair advocates for sustainability and inclusivity by featuring green, sustainable, and eco-friendly products as well as artisanal and heritage crafts. Exhibitors from the country’s 16 regions were carefully selected to showcase a rich selection of indigenous products and raw materials, handcrafted and handwoven products, furniture and home decor made from sustainable materials, unique and eco-friendly packaging materials, as well as health and wellness products. There will also be a selection of fresh produce, processed food and beverages, and native delicacies, which are very popular gift options. Everyone is still expected to wear a mask at all times and to maintain social distancing. All exhibitors and their staff are fully vaccinated and observe safety protocols. The five-day event is organized by the Department of Trade and Industry – Bureau of Domestic Trade Promotion (DTI-BDTP) in partnership with the DTI Regional Operations Group, the Design Center of the Philippines, and the National Bamboo Industry Cluster.

Security Bank raises P14.6B from bond offering

BW FILE PHOTO
SECURITY Bank Corp. raised P14.6 billion from its bond offering, almost five times as much as its initial P3-billion program. — BW FILE PHOTO

SECURITY BANK CORP. raised P14.6 billion from its offering of fixed-rate bonds, more than its initial P3-billion program, following strong demand from investors.

The bank said in a disclosure to the stock exchange that the bonds maturing in 2024 were successfully issued and listed on the Philippine Dealing & Exchange Corp. on Thursday.

“Security Bank raised P14.6-billion worth of bonds at 5.3% per annum, with a tenor of 1.5 years. Due to strong demand for the bonds, the bank exercised its oversubscription option and accepted offers above its minimum P3-billion issue size,” the lender said.

“Security Bank offered the bonds to support its lending activities and expand its funding base,” it added.

Security Bank Executive Vice-President and Financial Markets Segment Head Raul Martin A. Pedro said the successful issuance and oversubscription is testament to investor confidence in the lender.

The bonds were issued out of Security Bank’s P100-billion peso bond and commercial paper program.

The papers were offered at a minimum investment of P1 million and increments of P100,000 thereafter.

The lender tapped Philippine Commercial Capital, Inc. (PCCI) to be the sole bookrunner for the issuance.

The joint lead arrangers and selling agents for the transaction were PCCI and SB Capital Investment Corp.

In July, Security Bank also raised P16 billion from 1.5-year corporate bonds, more than the original plan of P1 billion, as the offer was likewise oversubscribed. The papers were also part of the lender’s P100-billion peso bond and commercial paper program.

Security Bank recorded a higher net income in the second quarter of 2022 on the improved performance of its core businesses and lower credit provisions.

It booked an attributable net income of P3.52 billion in April-June, up by 139.4% from the P1.47 billion in the same period in 2021.

This brought its attributable net profit for the first half to P6.25 billion, more than double the P3.12 billion seen in the comparable year-ago period.

Security Bank was the country’s ninth-largest lender in terms of assets with P796.78 billion and seventh in terms of capital with P123.41 billion as of end-June, based on Bangko Sentral ng Pilipinas data.

Its shares closed at P87.95 apiece on Thursday, down by 1.07% or 95 centavos from the previous finish. — K.B. Ta-asan

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