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Manila Bulletin devider Business devider Banking & Finance devider Security Bank reports P2.6-B profit in Q1

Security Bank reports P2.6-B profit in Q1

Published May 15, 2024 07:48 am

Security Bank Corporation posted an 11 percent year-on-year improvement in net profit to P2.6 billion in the first quarter of 2024, reflecting growth in its retail and MSME businesses.

In a disclosure to the Philippine Stock Exchange, the bank said total revenues increased 27 percent to P12.5 billion as net interest income rose 44 percent over the year to P10.7 billion.

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Security Bank President and CEO Sanjiv Vohra

“Our results for the first quarter reflect both accelerating momentum across our Retail, MSME, and Wholesale Segments,” said Security Bank President and CEO Sanjiv Vohra.

Total non-interest income was at P1.8 billion. Service charges, fees and commissions increased 136 percent year-on-year to P3.1 billion, boosted by the Bancassurance milestone fee. 

Excluding extraordinary items on both revenue and expense, which offset each other, normalized net income would be largely unchanged.

Net interest margin increased to 5.32 percent, up by 12 basis points versus quarter-ago level and up by 126 basis points versus year-ago level. 

Given sustained investments in manpower and technology to accelerate transformation, operating expense was 24 percent higher versus year-ago level. Strong revenue performance led to a cost-to-income ratio of 60.7 percent, lower than the 62.6 percent a year ago.

Pre-provision operating profit was P4.9 billion, up 34 percent year-on-year. The Bank set aside P1.5 billion as provisions for credit losses in the first quarter of 2024, 30 percent lower than the provisions of P2.2 billion in the fourth quarter of 2023. 

Gross non-performing loan ratio was 3.4 percent and NPL reserve cover was 81 percent.

Total deposits increased to P638 billion, up 22 percent year-on-year. CASA deposits increased 6 percent year-on-year and was at 56 percent of total deposits.

Net loans increased to P545 billion, up 12 percent year-on-year. Retail and MSME loans further accelerated to 32 percent growth rate year-on-year from the 29 percent posted in the fourth quarter of 2023. Wholesale loans grew 4 percent year-on-year. 

The growth in retail and MSME loans was driven by home loans which increased 18 percent year-on-year, auto loans which rose 46 percent, credit cards which grew 49 percent, and MSME loans which grew 74 percent. 

Total investment securities increased to P243 billion, up 23 percent year-on-year.
 

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Sanjiv Vohra Security Bank Corporation
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