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March 02, 2024

Security Bank approves movement of executives

Security Bank Corp. led by bankero Sanjiv Vohra has approved the movement of two key executives effective next month.

The listed bank’s Board of Directors approved the change in the assignments of two senior vice presidents starting May 1.

Security Bank senior vice president Yvonne Joanna Marcelo was designated as corporate banking group head. She is currently the bank’s transformation head for wholesale banking segment.

Likewise, Security Bank senior vice president Gelene Lee will be transformation division head effective next week. Lee is now customer contact framework program division head.


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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