Net interest income climbed 26 percent to P43.7 billion, supported by a 4.73-percent net interest margin, while non-interest income surged 36 percent to P11.2 billion, led by credit cards, bancassurance, and loan fees.
Management’s view
“Growth and investment were the defining outcomes for 2024. We thank our clients, teammates and stakeholders for the partnership and collaboration,” said Security Bank president & CEO Sanjiv Vohra.
“We carry that momentum into 2025 as we leverage our investments to support clients and execute on our BetterBanking promise,” he added.
Security Bank manages costs
Despite a 27-percent rise in expenses due to manpower and technology investments, pre-provision operating profit jumped 30 percent to P21.9 billion, showing strong operational efficiency.
The gross non-performing loan ratio improved to 2.85 percent, while the bank set aside P6.6 billion in provisions, higher than last year’s P4.8 billion.
Rising profitability
Return on equity stood at 8.11 percent, while return on assets reached 1.12 percent, reflecting improved profitability.
Its deposit base grew 32 percent to P801 billion, while loans expanded 26 percent to P678 billion, with retail and MSME loans surging 37 percent, outpacing wholesale lending.
