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Manila Bulletin devider Business devider Banking & Finance devider Security Bank plans US dollar notes issuance

Security Bank plans US dollar notes issuance

Published May 6, 2024 06:42 am

Security Bank Corporation is planning to raise fresh funds through the issuance of  US dollar-denominated senior unsecured notes and is probing the debt market to gauge its interest in the securities.

In a disclosure to the Philippine Stock Exchange, the bank said it has mandated MUFG and UBS as the Joint Global Coordinators, alongside Standard Chartered Bank and SB Capital as Joint Bookrunners, to arrange a series of fixed income investor meetings on May 6, 2024. 

Security Bank profit dipped due to CREATE Law
Security Bank President and CEO Sanjiv Vohra

“A Regulation S offering of U.S. dollar-denominated senior unsecured notes under the Issuer’s Board approved $1 billion Medium Term Note Programme established on August 29, 2018 may follow, subject to market conditions. The Notes are expected to be rated Baa2 by Moody’s,” Security Bank added.

The bank reported a 13.74 percent drop in net income to P9.1 billion last year from the P10.55 billion earned in 2022 mainly due to higher expenses and provisions for credit card losses.

Total revenues improved eight percent year-on-year to P43.0 billion as net interest income increased 19 percent to P34.7 billion. Net interest margin for the full year was 4.49 percent, higher compared to 4.23 percent in 2022.

Total non-interest income was at P8.2 billion. Service charges, fees and commissions grew 15 percent to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

“The economy is adjusting to moderating levels of inflation and continued elevated interest rates. Our growth for 2023 in both loans and deposits was evident across our retail and SME segments,” said Security Bank President and CEO Sanjiv Vohra.

He added that, “In turn, our wholesale teams successfully secured key mandates to support client growth initiatives. We will accelerate that growth in 2024 and continue to deliver on our Transformation goals.”
 

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Sanjiv Vohra Security Bank Corporation
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