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March 01, 2024

Security Bank wins for the third year as Best for High-Net-Worth customers

Security Bank Corporation (PSE:SECB) was recognized anew as the Philippines’ Best for High Net Worth (HNW) Clients at the 2022 Asiamoney Asia Private Banking Awards—making it three consecutive yearly wins for the Bank.

According to Asiamoney “Technological disruption is a big part of the overall strategy. Security Bank constantly provides better, faster, and safer digital access for clients for their portfolios and review services.”

Security Bank launched its wealth management proposition in 2017 to offer clients personalized financial solutions geared towards their goals and objectives. The Bank’s Wealth Management division was recognized in 2021 and 2022 for its ability to expand its client base despite economic and global events that affected the financial industry.

“This year-on-year recognition from Asiamoney only proves that we are making the right investments in what matters to our customers. We excel in the personal approach we take for each client—they really feel that they are being serviced, that someone is really there taking care of their portfolio,” says Binky Mirabueno, Wealth Management Head.

In growing its client base and AUM, Security Bank’s Wealth Management business leverages on the strengths of the Bank’s core businesses. These include the Bank’s branch network reach and the product offerings from Treasury, Trust and Asset Management Group (TAMG), stock brokerage through SB Equities, and investment banking services through SB Capital.

“During the five-year period from 2017 to the end of September 2022, the private bank’s Assets under Management and customer base rose 44% and 40% respectively, on a compound annual growth rate basis.” Adds Asiamoney.

“Service differentiation is a key to our continued recognition as Best Bank for High-Net-Worth clients in the Philippines. This recognition is proof that we are on the right track to fulfill our goal of becoming the most-customer centric bank in the Philippines,” says Executive Vice President and Branch Banking Head, Leslie Cham.

To know more about Security Bank’s recent awards, may visit www.securitybank.com/awards or its Facebook page www.facebook.com/SecurityBank.


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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