Security Bank nets P11.2B in 2024

Security Bank Corp. reported a 23% increase in its bottom line to mark a fresh record high in 2024, driven by higher revenues on the back of the improved performance of its key business during the period.

The lender reported an P11.2-billion net income in the past year, with net interest income up 26% to P43.7 billion and non-interest income up 36% to P11.2 billion.

Revenues grew by 28% to P54.9 billion, while operating expenses climbed 27% driven by investments in manpower and technology as the company continued with its transformation efforts. Cost-to-income ratio was 60.2%.

Pre-provision operating profit increased 30% to P21.9 billion, with Security Bank provisioning P6.6 billion for credit and impairment losses for the year to reflect an increase from P4.8 billion in 2023.

Net loans grew by 26% to P678 billion, with retail and MSME loans up 37%, and wholesale loans by 21%.

The gross non-performing loan ratio stood at 2.85%, lower than the 3.37% the previous year. The non-performing loan reserve cover was recorded at 81%.

The lender opened 21 new branches during the year, bringing its network to 346 branches as of December 31, 2024.

For the fourth quarter alone, net income was up 81% to P2.8 billion, and revenues were up 27% to P14.9 billion.

“Growth and investment were the defining outcomes for 2024. We thank our clients, teammates, and stakeholders for the partnership and collaboration,” president and chief executive officer Sanjiv Vohra said in a regulatory filing.—AOL, GMA Integrated News