Security Bank elects new directors, sharpens return focus

Insider Spotlight

• Security Bank elected two directors to replace a retiring board member and another who had passed away
• Revenues rose 22 percent to P66.9 billion in 2025
• Net income grew 3 percent amid higher provisions and investments
  
  
  

Security Bank elected two new directors and outlined leadership changes as it moves to translate recent growth into stronger and more consistent returns, executives said during the bank's annual stockholders’ meeting on April 28.

The board changes come as the bank builds on broad-based expansion in 2025, when higher revenues and operating profit were tempered by increased provisions and continued investment spending, setting the stage for a sharper focus on execution this year.

What happened

Stockholders elected Michael S. Chua and Mark Dennis Y.C. Joven to the board during the bank’s annual stockholders’ meeting on April 28, replacing Jikyeong Kang, whose term ended, and Napoleon L. Nazareno, who passed away in March.

Chua brings over three decades of banking experience, including leadership roles at Deutsche Bank Philippines, while Joven has a background in public finance and previously served as a Department of Finance undersecretary.

The bank also announced a leadership transition, with chief operating officer Lucose T. Eralil set to conclude his contract on June 30. Patrick Meneses will assume an expanded role as chief data and technology officer starting May 1.

The big picture

Security Bank said it is entering 2026 from a stronger foundation, with a shift toward translating growth into more consistent returns.

“We have built a stronger, more capable bank,” president and CEO Victor Lee Meng Teck said. “The task now is to convert that strength into stronger and more consistent returns.”

In 2025, revenues rose 22 percent to P66.9 billion, while core operating profit increased 26 percent. Net income grew 3 percent, reflecting solid operating performance alongside higher credit provisions and continued investment spending, according to a company release.

Growth was broad-based, with net interest income up 15 percent and non-interest income rising 47 percent, supported by activity across lending, deposits, payments, cards, financial markets, and fee-based businesses.

Zoom in

The bank’s balance sheet also strengthened, with total assets reaching P1.2 trillion and deposits growing 16 percent. Asset quality remained resilient with improved coverage, while capital and liquidity stayed sound.

Moody’s affirmed Security Bank’s Baa2 investment-grade rating and revised its outlook to stable from negative, while its MSCI ESG rating improved to A.

What’s next

Security Bank said its priorities center on disciplined execution, including cost control, tighter risk management, stronger capital, and higher-quality growth.

“We are not pursuing growth at any cost,” Lee said. “We are focused on growth that improves returns.” —Princess Daisy C. Ominga | Ed: Corrie S. Narisma