Security Bank reports 23.4% year-over-year net income growth

Security Bank Corporation reported a 23.4 percent year-over-year growth in net income to PHP 11.24 billion and an all-time high revenue of PHP 54.9 billion in 2024.

The bank's revenues surged by 28 percent, driven by higher fees from bancassurance, credit cards, loans, and a significant increase in lending to micro, small and medium enterprises (MSMEs) and retail customers, which grew by 37 percent.

Security Bank President Sanjiv Vohra attributed the growth to investments in manpower and technology, emphasizing the importance of client support and executing on their BetterBanking promise.

Net interest income increased by 25.9 percent to PHP 43.72 billion last year, mainly driven by higher interest earnings from loans amid the elevated rate environment.

Non-interest income rose by 36.3 percent to PHP 11.2 billion as service charges, fees and commissions grew 47 percent to PHP 8.9 billion amid higher fees from bancassurance, credit cards and loans.