Security Bank posted net profit of P8.5 billion in the first nine months, up 12 percent year-on-year. Revenue growth accelerated at 28 percent year-on-year compared to the 24 percent posted for the first half of this year.
“We are pleased with our third quarter results. The combination of our client engagement, significant investments in our team and our technology has accelerated the bank’s growth. We are excited about delivering on our Better Banking promise,” Security Bank President & CEO, Sanjiv Vohra, said.
Total revenues for the first nine months increased to P40.0 billion, driven by growth in both net interest income and non-interest income.
Net interest income increased 31 percent to P32.4 billion. Net interest margin remained robust at 4.90 percent.
Total non-interest income likewise increased 18 percent year-on-year to P7.6 billion. Service charges, fees and commissions grew 55 percent to P6.7 billion.
Operating expense was 24 percent higher, driven by investments in manpower and technology to accelerate transformation. Cost-to-income ratio was 58.8 percent which is better than the 60.7 percent a year ago.
Pre-provision operating profit was up 34 percent year-on-year to P16.5 billion. The bank set aside P5.1 billion as provisions for credit losses, an increase versus year-ago level of P2.6 billion. Gross non-performing loan ratio was 3.08 percent and NPL reserve cover was 79.5 percent.
Return on shareholders’ equity was 8.1 percent. Return on assets was 1.2 percent.
For the period July 1 to September 30, 2024, net profit was P3.0 billion, up 14 percent year-on-year and up 7 percent quarter-on-quarter.
Total revenues increased to P14.4 billion, up 36 percent year-on-year and up 9 percent quarter-on-quarter.
