Philippines' best corporate bank 2023: Security Bank
Over the last year, Security Bank has stepped up efforts to increase its market share, innovate and deepen its commitment to social and environmental responsibility.
Sanjiv Vohra, chief executive, and his team of bankers can demonstrate that Security went above and beyond to help stabilize growth in the Philippines, while protecting the bank’s capital, balance sheet and universe of stakeholders.
The financial results speak for themselves. With Ps2.9 billion ($52 million) in income, the wholesale banking division generated 28% of total bank net income in 2022. The gains, though, were across the board and indicative of a corporate banking team recalibrating the business toward greater growth.
Total banking revenues rose 15% year on year, while net interest income increased 8%. Non-interest income surged 94%, while wholesale loans and investment in corporate bonds grew 19%. Low-cost deposits were up 12%. Despite 2022’s extreme volatility, Security remains one of the country’s best-capitalized private domestic universal banks with a common equity tier-1 ratio of 16.1% and total capital adequacy ratio of 16.6%.
The bank’s loan portfolio performance was robust, growing 10%, while retail loans rose a greater-than-expected 16%.