Security Bank Q1 2026 net income up 6%

Security Bank Corp. reported a 6% increase in its net income for the first quarter of the year, following the double-digit growth in its revenues and its cost management during the quarter.

Net income climbed to P2.7 billion, while net interest income grew to P15.2 billion and non-interest income to P1.9 billion. Revenues climbed 10% to P17 billion.

The bank’s operating expenses posted a 2% growth from the same quarter last year but fell 13% from the previous quarter, bringing the cost-to-income ratio to 56% from 61% a year ago.

Total deposits expanded by 12% to P938.0 billion, while net loans grew 5% to P679.4 billion. Total investment securities were recorded at P370.4 billion.

“We had a solid start to the year, driven by stronger core earnings and disciplined cost management,” Security Bank president and chief executive officer Victor Lee Meng Teck said in a regulatory filing.

“We remain focused on sustaining operational discipline, growing responsibility, and making banking simpler, faster, and more responsive for our customers,” he added.

Shares in the company were last trading at P65.75 apiece, up by P0.65 or 1% from Wednesday’s finish of P65.10. —VBL, GMA News