Security Bank Net Income Surges 71% Quarter-on-Quarter to PHP2.6 Billion In Q1-2024

Security Bank Corporation, a private domestic universal bank, posted a net profit of PHP2.6 billion in the first quarter of 2024, marking a remarkable 71% surge on a sequential quarter-on-quarter basis and an 11% jump year-on-year.

Security Bank, now 72 years in operation, underscored that it continues to be among the country’s best-capitalized private domestic universal banks. I Photo: Security Bank Facebook

The bank disclosed to the Philippine Stock Exchange (PSE) that it achieved total revenues of PHP12.5 billion, demonstrating a 27% increase. Net interest income over the year was PHP10.7 billion, displaying a 44% rise.

It further reported that its service charges, fees, and commissions increased 136% year-on-year to PHP3.1 billion, boosted by the Bancassurance milestone fee.

The bank's balance sheet remains strong, highlighted by total deposits of PHP638 billion, marked by an uptick of 22% year-on-year.

Three new Security Bank branches were opened in 2024, strategically located in Davao North Diversion (Davao City), Sta. Mesa (Manila), and Ilagan City (Isabela), bringing the bank’s branch network to 328 branches to date.

Net loans increased to PHP545 billion, driven by accelerated growth in Home Loans, Auto Loans, Credit Cards, and MSME loans.

Sanjiv Vohra, President & CEO of Security Bank, emphasized, "Our results for the first quarter reflect both accelerating momentum across our Retail, MSME, and Wholesale Segments. We're excited to introduce our brand-new Security Bank app in Q2, which will enhance the online banking experience and reinforce our BetterBanking commitment."

Security Bank, now 72 years in operation, underscored that it continues to be among the country’s best-capitalized private domestic universal banks, as evidenced by the awards it has received.

Notably, it was awarded the Best for High-Net-Worth Bank in the Philippines by Euromoney, the Best Corporate Bank by Asiamoney, and the Best Retail Bank by Alpha Southeast Asia, among others.