Security Bank Q1 2025 Total Revenues Grew 23% YoY to P15.4B; Net Profit Up 7% to P2.8B

Security Bank Corporation total revenues grew 23% year-on-year to P15.4 billion. Net profit of P2.8 billion in Q1-2025 rose 7% year-on-year.

Net interest income increased 11% over the year to P11.9 billion. Net interest margin for Q1-2025 was 4.51%, up 2 basis points quarter-on-quarter. Total non-interest income was P3.5 billion, up 101%. Service charges, fees and commissions was P2.2 billion in Q1-2025, lower than previous year due to the one-off bancassurance milestone fee in Q1-2024. Excluding the milestone fee, service charges, fees and commissions increased 27% year-on-year. 

Operating expense was 23% higher, driven by investments in manpower and technology to accelerate transformation. Cost-to-income ratio was 60.6%. Quarter-on-quarter, operating expense decreased 2%. 

Pre-provision operating profit was up 24% year-on-year to P6.1 billion. The Bank set aside P2.4 billion in provisions for credit and impairment losses in Q1-2025, an increase versus year-ago level of P1.5 billion. Gross non-performing loan ratio was 3.10%, down from 3.41% a year ago. NPL reserve cover was 79%.  

Return on shareholders’ equity increased to 7.92% from 7.71% a year ago. 

Balance sheet remains strong 

Total deposits increased to P841 billion, up 32% year-on-year and up 5% quarter-on-quarter. CASA deposits increased by 19% year-on-year and by 1% quarter-on-quarter. CASA as percent of total deposits was at 50%. 

Net loans increased to P646 billion, up 18% year-on-year and down 5% quarter-on-quarter. Retail and MSME loans increased 37% year-on-year while Wholesale loans increased 11% year-on-year. On a sequential quarter-on-quarter basis, retail and MSME loans combined increased 6% while wholesale loans decreased 10%. Retail and MSME loans as percent of total loans was at 36%, up from 31% a year ago. Total investment securities increased to P336 billion, up 38% year-on-year and down 1% quarter on-quarter. 

The Bank maintains healthy liquidity, with Liquidity Coverage Ratio (LCR) at 179% and Net Stable Funding Ratio (NSFR) at 136% as of March 31, 2025.

Security Bank’s capital ratios remain healthy. Common Equity Tier 1 Ratio increased to 13.2%, up from 12.9% a quarter ago. Total Capital Adequacy Ratio (CAR) likewise increased to 14.1%, up from 13.8% a quarter ago. Shareholders’ capital increased to P144 billion, up 5% year-on-year and up 2% quarter on-quarter. Total assets increased to P1.1 trillion, up 25% year-on-year. 

On March 25, 2025, Security Bank approved cash dividend declaration of P1.50 per common share representing regular semestral cash dividend, with payment date on April 28, 2025. 

“Our first quarter was marked by the growth on our deposit and loans. Profitable growth is our focus for 2025. We will continue to support our clients, deploy innovative technology to deliver differentiated client experiences, and enhance efficiencies to generate improved returns,” said Security Bank President & CEO, Sanjiv Vohra.

Security Bank is a private domestic universal bank in the Philippines with total assets of P1.1 trillion as of March 31, 2025. The Bank has been operating for 73 years since it was established in 1951. To-date, Security Bank has a total of 348 branches and 710 ATMs, Cash Recycler Machines (CRMs) and Cash Acceptance Machines (CAMs).

In 2024, Security Bank was awarded Best for High-Net-Worth in the Philippines by Euromoney/Asiamoney for four consecutive years; The Philippines' Best Bank for Corporates by Euromoney/Asiamoney for two consecutive years; Best Branch Digitisation Implementation for the Mosaic Voyager (MV) Tellering and Lobby Management System by The Asian Banker; three awards Credit Card Initiative of the Year, Sustainability Initiative of the Year, and ESG Program of the Year (Bronze) for Security Bank Wave Mastercard by Asian Banking and Finance; and Best Investor Relations Company (Philippines), Sustainable Asia Award, Asia’s Best CEO (Investor Relations), Asia’s Best CFO (Investor Relations) and Best Investor Relations Professional (Philippines) by Corporate Governance Asia for four consecutive years; 3 Golden Arrow Recognition for corporate governance excellence by the Institute of Corporate Directors (ICD). 

In 2023, Security Bank was awarded Best for Mass Affluence/HNW in the Philippines by Asiamoney; Best Credit Card Product in the Philippines (for Security Bank’s Complete Cashback Platinum Mastercard) by The Asian Banker during the 2022 Asian Banker Excellence Awards; Best Retail Bank in the Philippines by Alpha Southeast Asia; Market Leader in Corporate Social Responsibility (CSR) by Euromoney; Market Leader in Diversity & Inclusion by Euromoney; Best Bank for Diversity and Inclusion by Asiamoney. The Bank’s major citations in 2021 are: Philippines’ Best Bank by Euromoney; Best for HNWs (High Net Worth Clients) in the Philippines by Asiamoney; Best Retail Bank in the Philippines by Alpha Southeast Asia; and Best Culture of Learning and Diversity Champion by LinkedIn Talent Awards.