Security Bank Corp., the country 8th largest lender by assets, posted a record-high net income of PHP11.2 billion in 2024, a 23 percent year-on-year growth, driven by improve lending and fee-based income.
Total revenues rose 28 percent to P54.9 billion as net interest income surged 26 percent to P43.7 billion. Net interest margin for the year stood at 4.73 percent. Non-interest income also saw significant growth, rising 36 percent to P11.2 billion, with service charges, fees, and commissions increasing by 47 percent, largely fueled by bancassurance, credit cards, and loans.
Security Bank said operating expenses grew 27 percent because of investments in technology and workforce to accelerate its transformation efforts. The cost-to-income ratio was 60.2 percent, while pre-provision operating profit rose 30 percent to P21.9 billion.
For the fourth quarter alone, Security Bank reported net income of P2.8 billion, an 81 percent increase compared to the same period last year. Total revenue for the quarter hit P14.9 billion, up 27 percent year-on-year. The bank also improved its asset quality, with the gross non-performing loan ratio dropping to 2.85 percent from 3.37 percent a year ago.
Security Bank’s balance sheet remains strong, with total deposits rising 32 percent to P801 billion. The bank continues to invest in growth initiatives, positioning itself for sustained success in 2025.
