Security Bank net income up 20% to record high in 2017

Security Bank Corp. posted a double-digit increase in bottom line to a record high in 2017, riding on the growth of its loan portfolio.

In a regulatory filing submitted by Security Bank senior vice president Melissa Aquino, the lender reported a net income of P10.26 billion last year, up 20 percent year-on-year.

According to the bank, this compares with the 7-percent industry average earnings growth.

The bank’s loan portfolio grew by 28 percent versus the 19 percent on average for the banking industry.

“The bank’s loan growth was driven by corporate loans which increased by 25 percent, middle market loans which grew by 24 percent, and consumer loans which expanded by 49 percent,” it said.

Security Bank noted it will continue to invest in information technology and the digitalization of its customer acquisition and servicing channels, as well as operational processes.

“These investments are designed to transform the bank’s infrastructure and way of doing business, and ensure that the bank stays relevant to shifting customer needs in a fast-changing banking and technology landscape,” it said.

Security Bank closed 2017 as the sixth-largest bank in the Philippines in terms of total assets which amounted to P755.769 billion. —Jon Viktor Cabuenas/VDS, GMA News