Security Bank Corp. said it posted a 53-percent growth in net income to P10.6 billion in 2022, driven by improved core businesses, lower credit provisions and normalized income tax provisions.
Revenues grew 8 percent year-on-year to P39.6 billion. Net interest income went up 7 percent to P29.2 billion, resulting in a net interest margin of 4.23 percent.
Non-interest income grew 11 percent to P10.4 billion. Service charges, fees and commissions climbed 17 percent to P5.3 billion, led by increase in fees from credit cards, deposits and capital markets. Non-interest income, excluding securities trading gains and fee income, jumped 40 percent to P5.1 billion, driven by foreign exchange income, recovery on charged-off assets and profits from assets sold.
“We are encouraged by the underlying growth of the economy as it reopens and rebuilds. Our strong performance for 2022 reflects the fact that Security Bank is fully engaged to support our retail, wholesale and SME clients. We will sustain that intensity for 2023 as we help clients navigate the current inflationary environment and geopolitical uncertainties,” said Security Bank president and chief executive Sanjiv Vohra.
Operating expense was 8 percent higher, led by investments in manpower and technology. Cost-to-income ratio was 57.8 percent, same level as in 2021. Return on assets increased to 1.37 percent from 1.02 percent. Return on shareholders’ equity improved to 8.42 percent from 5.57 percent.