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Manila Bulletin devider Business devider The Stock Market devider Security Bank's profits up, bolstered by strong retail, MSME lending

Security Bank's profits up, bolstered by strong retail, MSME lending

Published Aug 13, 2025 01:23 pm
Security Bank Corp. improved its net income by eight percent to ₱5.9 billion in the first half of the year as total revenues grew 23 percent year-on-year to ₱31.6 billion on the back of a jump in non-interest earnings.
The bank said in a disclosure to the Philippine Stock Exchange that its first-half net interest income increased 12 percent over the first half of the year to ₱24.3 billion, with a net interest margin of 4.56 percent.
Total non-interest income for the period under review soared by 81 percent to ₱7.2 billion. Service charges, fees, and commissions declined to ₱4.3 billion from the previous year due to the one-off bancassurance milestone fee in the first quarter of 2024.
Excluding the milestone fee, service charges, fees, and commissions increased 23 percent year-on-year.
“We delivered another strong quarter with broad-based growth across retail, MSME, and wholesale,” said Security Bank President and CEO Sanjiv Vohra.
He noted that, “Revenues rose five percent quarter-on-quarter against just a one percent rise in expenses, underscoring the stronger efficiency and profitability we are building.
“Strategic investments in tech and talent are elevating customer experience, strengthening security, and positioning us for sustained, profitable growth.”
Operating expense was 25 percent higher in the first half of 2025, driven by investments in manpower and technology to accelerate transformation and drive growth. Cost-to-income ratio was 59.6 percent.
Pre-provision operating profit was up 20 percent year-on-year to ₱12.8 billion. The Bank set aside ₱5.1 billion as provisions for credit losses in the first half of 2025, an increase from the year-ago level of ₱3.3 billion.
Gross non-performing loan ratio was at 3.16 percent and NPL reserve cover was at 79 percent.
Total deposits increased 32 percent to ₱889 billion as CASA (current and savings accounts) deposits increased 18 percent year-on-year. CASA as a percent of total deposits was at 49 percent.
Net loans increased to ₱667 billion, up 16 percent year-on-year and up three percent quarter-on-quarter. Retail and MSME loans increased 32 percent year-on-year, while Wholesale loans increased seven percent year-on-year.
The growth in Retail and MSME loans was driven by home loans, which grew 17 percent, credit cards, which rose 43 percent, auto loans, which grew 54 percent, and MSME loans, which increased 46 percent.
Total investment securities increased to ₱371 billion, up 38 percent year-on-year and up 11 percent quarter-on-quarter.

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