Security Bank (SECB) Q1 2025 earnings summary

Executive summary

• Total revenues reached ₱15.4 billion in Q1-2025, up 23% year-over-year, with net income rising 7% to ₱2.8 billion compared to Q1-2024.

• Consolidated total assets stood at ₱1.42 trillion as of March 31, 2025, slightly down from ₱1.43 trillion in the previous quarter.

• Loans grew 18% year-over-year to ₱646 billion, with retail and MSME segments up 37% and wholesale up 11%.

• Stockholders' equity reached ₱140.99 billion, up from ₱138.33 billion in the previous quarter.

• Pre-provision operating profit (PPOP) rose 24% year-over-year and 13% sequentially.

Financial highlights

• Net interest income grew 11% year-over-year to ₱11.9 billion, while non-interest income surged 101% to ₱3.5 billion.

• Deposit liabilities were ₱841.06 billion, down from ₱843.18 billion in the previous quarter.

• Service charges, fees, and commissions declined 30% year-over-year to ₱2.2 billion.

• Operating expenses increased 23% year-over-year to ₱9.3 billion, with compensation and fringe benefits up 14%.

• Provisions for credit and impairment losses rose to ₱2.4 billion from ₱1.5 billion in Q1-2024.

Outlook and guidance

• Strategic initiatives for 2025 include digital app launches for retail, corporate, and MSME, and partnerships with Home Credit Philippines and Mitsubishi Motors Finance Philippines.

• Ambition to achieve 10% ROE in 2025.

• Financial reports were submitted to regulators and will be published on the bank's website, indicating ongoing transparency and compliance.