Security Bank nets P9.2 billion

MANILA, Philippines — Security Bank Corp. posted a net income of P9.2 billion in the first nine months of 2026, up by one percent from P9.1 billion a year earlier, as stronger revenues and improved operating efficiency offset higher credit costs.

The lender said pre-provision operating profit, or earnings before setting aside funds for possible loan losses, rose by 12 percent to P22.9 billion.

Total revenues increased by eight percent to P52.5 billion.

“Our nine-month results show good progress in the business, particularly in revenue growth and operating efficiency,” Security Bank president and CEO Victor Lee said.

Net interest income climbed to P50 billion, while net interest margin stood at 5.93 percent. Service charges, fees and commissions reached P6.1 billion.

Operating expenses increased by four percent, slower than revenue growth, bringing Security Bank’s cost-to-income ratio down to 56.4 percent from 58.1 percent a year earlier.

“We will continue to manage costs, credit, and capital carefully while remaining focused on the businesses where we see long-term opportunity,” Lee said.

For the third quarter alone, Security Bank booked P3.1 billion in net income. Revenues reached P17.6 billion, while pre-provision operating profit stood at P7.4 billion.

Provisions for credit losses declined by nine percent from the previous quarter to P3.4 billion.

Asset quality remained broadly stable, with the gross non-performing loan ratio at 3.17 percent. Non-performing loans refer to borrowings where payments are already past due or considered unlikely to be fully collected. The bank’s NPL reserve cover stood at 84 percent.

Total deposits increased by four percent year on year to P938 billion, supported by a nine-percent rise in current and savings account deposits. These low-cost deposits accounted for 52 percent of the total, up from 49 percent a year ago.

Net loans edged up by one percent to P680 billion, while investment securities reached P380 billion.

Total assets expanded by eight percent to P1.23 trillion. Security Bank’s common equity tier 1 ratio stood at 12.4 percent, while its total capital adequacy ratio was 13.3 percent.

Security Bank also declared a P1.50 per share cash dividend for the second semester, bringing total dividends for 2026 to P3 per share.