Security Bank first-half profit rose 4%

Security Bank Corp. grew its net income by 4 percent in the first half of 2026 as stronger revenues and improved operating efficiency supported its earnings.

The bank led by tycoon Frederick Dy said it booked P6.1 billion in net income from January to June.

Second-quarter net income climbed 11 percent year-on-year and 25 percent quarter-on-quarter to P3.4 billion.

Pre-provision operating profit rose by a faster 21 percent to P15.4 billion while total revenues increased 11 percent to P34.9 billion.

Net interest income reached P32.4 billion, with net interest margin at 5.78 percent.

Service charges, fees and commissions stood at P4.2 billion.

Operating expenses grew by a slower 3 percent, bringing Security Bank’s cost-to-income ratio down to 55.7 percent from 59.6 percent a year earlier.

Security Bank set aside P7.6 billion in provisions for credit losses during the first half.

Still, asset quality improved. The gross non-performing loan ratio eased to 3.04 percent from 3.16 percent a year ago and 3.08 percent in the previous quarter.

The firm’s non-performing loan reserve cover increased to 85 percent from 79 percent a year earlier.

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PDI: July 23, 2026

For the second quarter alone, revenues rose 11 percent year on year to P17.9 billion.

Pre-provision operating profit increased 19 percent to P7.9 billion, while provisions for credit losses eased to P3.7 billion from P3.9 billion in the first quarter.

Security Bank ended June with P891 billion in total deposits, with current and savings account (CASA) deposits growing 8 percent year on year.

CASA deposits accounted for 52 percent of the total.