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Manila Bulletin devider Business devider The Stock Market devider Higher trading gains, retail loans push up Security Bank's profit

Higher trading gains, retail loans push up Security Bank's profit

Published May 15, 2025 02:07 pm
The doubling of non-interest income plus much stronger retail and MSME loans pushed up the first quarter 2025 net earnings of Security Bank Corporation by seven percent to ₱2.8 billion as total revenues grew 23 percent year-on-year to ₱15.4 billion.
The bank disclosed to the Philippine Stock Exchange that, net interest income increased 11 percent over the year to ₱11.9 billion as net interest margin for the first quarter of 2025 was up by two basis points at 4.51 percent quarter-on-quarter.
Total non-interest income was ₱3.5 billion, up 101 percent even though service charges, fees and commissions was lower at ₱2.2 billion due to the one-off bancassurance milestone fee in the first quarter of 2024.
Excluding the milestone fee, service charges, fees and commissions increased 27 percent year-on-year.
“Our first quarter was marked by the growth on our deposit and loans. Profitable growth is our focus for 2025. We will continue to support our clients, deploy innovative technology to deliver differentiated client experiences, and enhance efficiencies to generate improved returns,” said Security Bank President and CEO Sanjiv Vohra.
Operating expense was 23 percent higher, driven by investments in manpower and technology to accelerate transformation. Cost-to-income ratio was 60.6 percent.
Pre-provision operating profit was up 24 percent year-on-year to ₱6.1 billion. The Bank set aside ₱2.4 billion in provisions for credit and impairment losses in the first quarter of 2025, an increase versus year ago level of ₱1.5 billion.
Gross non-performing loan ratio was 3.10 percent, down from 3.41 percent a year ago. NPL reserve cover was 79 percent.
Total deposits increased to ₱841 billion, up 32 percent year-on-year and up five percent quarter-on-quarter. CASA deposits increased by 19 percent year-on-year and by one percent quarter-on-quarter wjhile CASA as percent of total deposits was at 50 percent.
Net loans increased to ₱646 billion, up 18 percent year-on-year and down five percent quarter-on-quarter. Retail and MSME loans increased 37 percent year-on-year while Wholesale loans increased 11 percent year-on-year.
On a sequential quarter-on-quarter basis, retail and MSME loans combined increased six percent while wholesale loans decreased 10 percent. Retail and MSME loans as percent of total loans was at 36 percent, up from 31 eprcent a year ago.
Total investment securities increased to ₱336 billion, up 38 percent year-on-year and down one percent quarter-on-quarter.

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Security Bank Corporation Sanjiv Vohra
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