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July 14, 2024

Security Bank rewards stockholders with P1.50 cash dividend

Security Bank Corp. led by bankero Sanjiv Vohra has rewarded its shareholders with a cash dividend declaration of P1.50 per share.

The Board of Directors of the listed bank approved the regular semestral cash dividend during its meeting last March 29.

The record date for the cash dividend is on April 12, 2022, while the payment date falls on April 28, 2022.

The profit of Security Bank slipped by 6.7 percent to P6.9 billion last year from P7.4 billion in 2020 due to a one-time tax charge amounting to P1.2 billion under a new law.

Without the one-time charge for deferred tax assets under Republic Act 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE), Security Bank’s profit before tax would have jumped by 141 percent to P10.3 billion.

For the fourth quarter alone, Security Bank reported a 171 percent jump in net income to P2.1 billion on the back of the two percent increase in revenues to P9.3 billion.

Security Bank has a total of 316 branches and 663 ATMs nationwide.