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April 12, 2024

Security Bank aims for credit card growth amid industry recovery

Security Bank Corp. (Security Bank) aims for growth in credit card billings and cards in force this year, according to Christian Eugene S. Quiros, first vice-president and unsecured lending head.

Quiros said their target for billings is nearly double and aims for close to 700,000 cards in force, up from 507,000 last year. He said cards in force grew by 30% year on year by the end of 2023, with billings rising by almost 50% to around P76 billion.

The bankero highlighted the upcoming launch of an online cards platform to boost growth by facilitating easy reward redemption. Security Bank also introduced the Wave Mastercard, featuring no annual fee and 1% cashback on online purchases, as part of their strategy to grow cards in force.

He noted the bank’s commitment to sustainability, with the Wave Mastercard being made of 100% recycled PVC. Despite higher production costs, Quiros stressed the importance of environmental impact.

Security Bank’s net income rose by 14.73% year-on-year to P2.65 billion in the third quarter of 2023.