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Security Bank nets P10.6B in 2022

Security Bank Corp. reported a 53% increase in its bottom line for the previous year, which it attributed to the growth in its core businesses and lower credit provisions.

In an emailed statement, Security Bank said its net income rose to P10.6 billion, as total revenues recorded an annual growth of 8% to P39.6 billion.

The net interest margin fell to 4.23% from 4.43%, while non-interest income increased by 11% to P10.4 billion as service charges, fees, and commissions rose by 17% to P5.3 billion.

Net loans for the year climbed by 12% to P503 billion, on the back of higher wholesale loans which grew 10% and retail loans which grew by 16%, as home loans and credit cards both posted double-digit growth.

Credit provisions for the year were recorded at P2.8 billion, 46% lower than the P5.3 billion it set in the previous year.

Its gross non-performing loan (NPL) ratio fell to 2.95% from 3.94%, while its NPL reserve cover jumped to 101% from 93%.

This came as fourth-quarter net income stood at P2 billion, with revenues up 9% to P10.2 billion. It set aside P1.2 billion as provisions for credit during the quarter.

“We are encouraged by the underlying growth of the economy as it reopens and rebuilds,” Security Bank President and CEO Sanjiv Vohra said.

“Our strong performance for 2022 reflects the fact that Security Bank is fully engaged to support our retail, wholesale, and SME clients. We will sustain that intensity for 2023 as we help clients navigate the current inflationary environment and geopolitical uncertainties,” he added.

Security bank counts as subsidiaries and joint ventures SB Finance Company Inc., SB Capital Investment Corp., SB Rental Corp., SB Equities Inc., SB Cards Corporation, SBM Leasing Inc., SB Forex Inc., and Security Finance and Leasing Inc.

The lender ended 2022 with a total of 316 branches and 596 automated teller machines across the country. — RSJ, GMA Integrated News