Security Bank net income hits P9.1 billion as revenue rises 8%

(From: Security Bank's Facebook)
(From: Security Bank's Facebook)

SECURITY Bank Corp. posted a net income of P9.1 billion in 2023.

Total revenues grew eight percent year-on-year to P43 billion.

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 P6.1 billion, led by the increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

Operating expenses were 14 percent higher, driven by investments in manpower and technology.

The cost-to-income ratio was 60.8 percent, higher than the 57.8 percent in 2022. Pre-provision operating profit was P16.9 billion, up one percent year-on-year.

The bank set aside P4.8 billion as provisions for credit and impairment losses in 2023, a 69 percent increase versus the 2022 level of P2.8 billion given impacts from provisions released in 2022 and elevated costs for credit cards in 2023.

The gross non-performing loan ratio (NPL) was 3.36 percent and NPL reserve cover was 82 percent. The return on shareholders’ equity was 6.95 percent. Return on assets was 1.06 percent. / PR


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