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March 02, 2024

Dynamic set of board directors at Security Bank seeks stockholders’ affirmation in April

There will be no changes in the 15-man Board of Directors of Security Bank Corporation led by Bankero Sanjiv Vohra, based on the nominees for election by the shareholders in April.

Aside from Vohra, the list of nominees approved by the bank’s board on Tuesday include chairman emeritus Frederick Dy, chairman Alberto Villarosa, vice chaiman Cirilo Noel as well as directors Alfonso Salcedo Jr. Daniel Dy, Diana Aguilar and MUFG representatives Hiroshi Masaki as well as Takashi Takeuchi.

Former PLDT president and CEO Napoleon Nazareno leads the list of independent directors that include former Transportation Undersecretary Jose Perpetuo Lotilla, Gerard Brimo, Enrico Cruz, Esther Wileen Go, and Jikyeong Jang.

Security Bank is scheduled to hold its annual stockholders’ meeting on April 26, 2022.

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Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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