Rising debt levels spur Security Bank gain
On the consumer side, home loans grew by 19 percent while auto loans surged by 54 percent
On the consumer side, home loans grew by 19 percent while auto loans surged by 54 percent
Security Bank grew its net income last year by 23 percent to P11.2 billion compared to the level a year ago as all loan businesses surged by double digits.
Thus, the return on shareholders’ equity remained strong at 8.11 percent and the return on assets with 1.12 percent.
Security Bank reported to the stock market on Monday that net interest income jumped 26 percent to P43.7 billion as demand for loans from all client segments rose.
On the consumer side, home loans grew by 19 percent while auto loans surged by 54 percent. Credit card-based purchases grew faster at 64 percent.
For corporate clients, wholesale loans jumped by 21 percent while loans to micro, small and medium enterprises accelerated by 54 percent.
Net loans reached P678 billion, higher by 26 percent.
Gross non-performing loan ratio also improved to 2.85 percent from 3.37 percent.
As a prudential measure, the bank increased provisions for credit losses to P6.6 billion from P4.8 billion.
Total deposits expanded to P801 billion, up 32 percent and consisted mostly of current and savings accounts with a 52 percent share and offered low savings rates.
Non-interest income from service fees, commissions and insurance products rose by 36 percent to P11.2 billion.
However, operating costs also jumped by 27 percent as the bank enhanced manpower and technologies.
Excluding operation provisions, operating profit grew by 30 percent to P21.9 billion.
“Growth and investment were the defining outcomes for 2024. 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 officer Sanjiv Vohra said.
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