Security Bank Corp. said Monday its 2024 net income reached an all-time high of P11.2 billion, a 23-percent increase from the previous year’s.
It said the growth was supported by a 28-percent rise in total revenues, which reached a record P54.9 billion.
“Growth and investment were the defining outcomes for 2024. We thank our clients, teammates, and stakeholders for their partnership and collaboration. We carry that momentum into 2025 as we leverage our investments to support clients and execute on our BetterBanking promise,” Security Bank president and chief executive Sanjiv Vohra said in a disclosure to the Philippine Stock Exchange.
Net interest income rose 26 percent to P43.7 billion, with a net interest margin of 4.73 percent.
Non-interest income also grew 36 percent to P11.2 billion, led by a 47-percent increase in service charges, fees and commissions, especially from bancassurance, credit cards and loans.
Operating expenses were up 27 percent.
The bank said it allocated P6.6 billion for credit and impairment losses, higher than the previous year’s P4.8 billion.
Security Bank’s total deposits increased 32 percent year-on-year to P801 billion.
The bank opened 21 new branches in 2024, bringing its branch network to 346 by the end of the year.
Net loans rose 26 percent year-on-year to P678 billion, with retail and MSME loans growing by 37 percent. Wholesale loans grew 21 percent.
Home loans, credit cards, auto loans and MSME loans all showed strong growth.
Return on equity stood at 8.11 percent, while return on assets was 1.12 percent.
Net income for the fourth quarter reached P2.8 billion, up 81 percent from the same period last year.
Quarterly revenues increased 27 percent to P14.9 billion, with net interest income rising by 13 percent year-on-year to P11.3 billion.
Service charges, fees and commissions also grew by 27 percent.
The bank set aside P1.5 billion as provisions for credit losses in the fourth quarter of 2024, down from P2.2 billion a year ago.
