Security Bank (SECB) Q4 2024 earnings summary

Executive summary

• Achieved strong growth in 2024 with revenues up 28% year-over-year to ₱54.9 billion and net income rising 23% to ₱11.2 billion.

• Loans grew 26% to ₱678 billion, with retail and MSME loans up 37% and wholesale loans up 21% year-over-year.

• Total deposits increased 32% year-over-year to ₱801 billion, with CASA deposits up 16%.

• Investment securities surged 49% year-over-year.

Financial highlights

• Net interest income rose 26% to ₱43.7 billion; non-interest income climbed 36% to ₱11.2 billion.

• Service charges, fees, and commissions increased 47% to ₱8.9 billion.

• Operating expenses (excluding provisions) grew 27% to ₱33.1 billion; cost-to-income ratio improved slightly to 60.2%.

• Provisions for credit and impairment losses totaled ₱6.6 billion, up from ₱4.8 billion in 2023.

Outlook and guidance

• Targeting profitable growth in 2025 with an ambition to achieve 10% ROE.

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