MANILA, Philippines – Security Bank’s net income increased to P10.6 billion in 2022, up by 53% from 2021, but just barely improving on the universal bank’s pre-pandemic net income of P10.1 billion in 2019. 

Security Bank attributed the growth to expansion of its core businesses, lower credit provisions, and normalized income tax provisions. 

The bank’s total revenues rose 8% year-on-year to P39.6 billion, with net interest income growing by 7% to P29.2 billion. However, its net interest margin in 2022 slightly dipped to 4.23% from 4.43% in the previous year.

Security Bank’s non-interest income also increased by 11% to P10.4 billion, with service charges, fees, and commissions rising by 17% to P5.3 billion. 

It also expanded its total earning assets by 21%. Net loans increased by 12% to P603 billion with a 10% growth seen in wholesale loans, 16% in retail loans, 21% in home loans, and 34% in credit cards.

On the other side of its balance sheet, total deposits grew by 16% to P606 billion as low-cost savings and demand deposits went up by 10% year-on-year. Time deposits also rose by 34%.

Return on shareholders’ equity in 2022 jumped to 8.42% from 5.57% in the previous year, but still remained below the pre-pandemic ratio of 8.87% in 2019.

“We are encouraged by the underlying growth of the economy as it reopens and rebuilds. Our strong performance for 2022 reflects the fact that Security Bank is fully engaged to support our retail, wholesale, and SME (small and medium enterprises) clients,” said Sanjiv Vohra, Security Bank president and chief executive officer.

“We will sustain that intensity for 2023 as we help clients navigate the current inflationary environment and geopolitical uncertainties.” – Rappler.com