Security Bank posts PHP2.4 billion net income in Q1-2023, up 18% quarter-on-quarter

12 May 2023, Makati City, Philippines – Security Bank Corporation (PSE: SECB) posted net profit of PHP2.4 billion in Q1-2023, driven by growth in core businesses.

On a sequential quarter-on-quarter basis, net profit increased 18%. Net interest margin increased to 4.06%, up by 14 basis points versus previous quarter. Net interest income likewise increased 3% quarter-on-quarter.

On a year-on-year basis, total revenues grew 6% to PHP9.8 billion. Net interest income increased 7% to PHP7.5 billion. Total non-interest income was at PHP2.3 billion, up 2% year-on-year. Non-interest income was driven by service charges, fees and commissions, which was up 2% year-on-year.

Operating expense was 12% higher versus year-ago level, driven by investments in manpower and technology.

Pre-provision operating profit was PHP3.7 billion. The Bank set aside PHP616 million as provisions for credit losses in Q1-2023. Gross non-performing loan ratio was at 3.12%, down from 3.65% a year ago. Gross non-performing loans were also lower versus previous quarter by 1%. NPL reserve cover was at 99%, up from 90% a year ago.

Return on shareholders’ equity was 7.42%. Return on assets was 1.15%.

Balance sheet remains strong

Total deposits stood at PHP525 billion. Low-cost savings and demand deposits as percent of total deposit increased to 62%, up from 58% in previous quarter. The Bank shed high-cost deposits, resulting in time deposits decreasing 3% year-on-year and 28% quarter-on-quarter.

Net loans increased 5% year-on-year to PHP489 billion, driven by retail loans which grew 18% and wholesale loans which was up 1%. Home loans grew 18% and credit cards increased 36% year-on-year. Retail loans are 26% of total loans, up from 23% a year ago.

On a sequential quarter-on-quarter basis, net loans decreased by 3%. Retail loans increased 4% while wholesale loans decreased 5% over the quarter.

The Bank continues to have healthy liquidity, with Liquidity Coverage Ratio (LCR) of 167% and Net Stable Funding Ratio (NSFR) of 127% as of March 31, 2023.

Security Bank continues to be among the country’s best capitalized private domestic universal banks. Common Equity Tier 1 Ratio increased to 16.7%, up from 16.1% in the previous quarter. Total Capital Adequacy Ratio (CAR) increased to 17.0%, up from 16.6% in the previous quarter. Total assets increased to PHP794 billion, up 12% year-on-year. Shareholders’ capital likewise increased to PHP128.7 billion, up 5% year-on-year.

On March 28, 2023, Security Bank approved cash dividend declaration of PHP1.50 per common share representing regular semestral cash dividend, with payment date on April 28, 2023.

For 2023, Security Bank was recognized Best for High Net Worth in the Philippines by Asiamoney for the third consecutive year; and was awarded Excellence in Employee Engagement by Retail Banker International in the RBI Asia Trailblazer Awards 2023. SB Capital Investment Corporation (Security Bank’s investment house subsidiary) was awarded Top Corporate Issue Manager/Arranger by the Philippine Dealing System (PDS) Group at the 18th Philippine Dealing System Annual Awards Night.

“We are making significant investments in our team and our technology to support our clients and meet our medium-term goals by enhancing our data and technology infrastructure, strengthening cybersecurity, and tactically expanding our branch network. With the prudent growth in our core businesses in Q1-2023, our balance sheet remains strong, anchored on our strong capital.” — Security Bank President & CEO, Sanjiv Vohra.

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