Security Bank’s net income up 23% to $194m on higher interest income

Interest income rose 27.9% in 2024.

Security Bank has reported a net income of $194.45m (PHP11.24b) for 2024, a 23% rise from a year earlier, its latest financial filing showed.

Earnings per share is PHP14.91, higher than the PHP12.08 paid out in 2023 and PHP14.00 in 2022.

Interest income hit $1.09b (PHP62.81b), whilst net interest income was over $756.18m (PHP43.72b). Interest income is 27.9% year-on-year (YoY) higher.

Operating expenses were $572.28m (PHP33.08b).

Other income is $193.93m (PHP11.21b).

Its non-performing loan (NPL) ratio is 1.28% in 2024, lower than the 1.37% in 2023.

Return on average equity is 8.11%. Net interest margin is 4.73%.

(US$1 = PHP57.80; as of 4 March 2025, Google)