Security Bank attributes the 53% growth in its net income to expansion of its core businesses, lower credit provisions, and normalized income tax provisions.
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.
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. 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.
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.
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