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Security Bank

Security Bank's net profit rose 26.5% yoy to PHP 2,708 mil in 3Q2019

By Helgi Analytics - February 20, 2020

Security Bank made a net profit of PHP 2,708 mil under revenues of PHP 8,738 mil in the third quarter of 2019, up 26.5% and 3...

Security Bank's customer deposits rose 8.71% yoy to PHP 299,222 mil in 3Q2016

By Helgi Analytics - February 20, 2020

Security Bank's customer deposits reached PHP 299,222 mil in 2016-09-30, down 0.786% compared to the previous year. Filipino ba...

Security Bank's market capitalisation (end of period) rose 33.2% yoy to USD 2,865 mil in 3Q2019

By Helgi Analytics - February 20, 2020

Security Bank stock traded at PHP 197 per share at the end of third quarter of 2019 implying a market capitalization of USD 2,865 mi...

Annual Quarterly
Profit Statement 2016 2017 2018
Net Interest Income PHP mil 15,905 19,393 20,827
Net Fee Income PHP mil 2,173 2,320 2,927
Other Income PHP mil 2,459 3,202 1,668
Total Revenues PHP mil 20,538 24,915 25,421
Staff Cost PHP mil 3,738 4,259 4,939
Operating Profit PHP mil 10,178 12,550 11,750
Provisions PHP mil 938 656 714
Net Profit PHP mil 8,435 10,242 8,592
Balance Sheet 2016 2017 2018
Interbank Loans PHP mil 64,634 12,512 9,227
Customer Loans PHP mil 289,658 370,190 416,318
Total Assets PHP mil 694,982 694,027 766,861
Shareholders' Equity PHP mil 97,127 105,078 109,482
Interbank Borrowing PHP mil 210,878 132,304 103,934
Customer Deposits PHP mil 346,982 413,754 489,829
Issued Debt Securities PHP mil 24,814 24,899 41,366
Ratios 2016 2017 2018
ROE % 11.2 10.1 8.01
ROA % 1.37 1.47 1.18
Costs (As % Of Assets) % 1.69 1.78 1.87
Costs (As % Of Income) % 50.4 49.6 53.8
Capital Adequacy Ratio % 20.5 17.7 18.7
Net Interest Margin % 2.59 2.79 2.85
Loans (As % Of Deposits) % 83.5 89.5 85.0
NPLs (As % Of Loans) % 0.586 0.510 0.403
Provisions (As % Of NPLs) % 221 202 295
Valuation 2016 2017 2018
Price/Earnings (P/E) 16.1 18.5 13.6
Price/Book Value (P/BV) 1.40 1.80 1.07
Dividend Yield % 0.526 0.796 1.29
Earnings Per Share (EPS) PHP 11.8 13.6 11.4
Book Value Per Share PHP 136 139 145
Dividend Per Share PHP 1.00 2.00 2.00

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summary Unit 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                      
Net Interest Income PHP mil                                         8,098 8,384 11,141 12,416 15,905    
Total Revenues PHP mil                                         13,876 12,097 16,469 18,208 20,538    
Operating Profit PHP mil                                         7,903 5,345 8,547 8,894 10,178    
Net Profit PHP mil                                         7,413 4,874 6,961 7,322 8,435    
balance sheet                                                      
Interbank Loans PHP mil                                         42,657 40,859 39,130 31,365 64,634    
Customer Loans PHP mil                                         116,132 160,999 171,808 237,853 289,658    
Debt Securities PHP mil                                         41,675 80,351 103,266 187,310 246,613    
Total Assets PHP mil                                         259,263 347,542 397,198 532,201 694,982    
Shareholders' Equity PHP mil                                         37,796 41,775 47,957 53,215 97,127    
Interbank Borrowing PHP mil                           ...     ...       60,858 85,561 79,635 150,102 210,878    
Customer Deposits PHP mil                                         142,393 205,950 246,813 289,851 346,982    
Issued Debt Securities PHP mil                       ...                 9,198 5,343 10,516 24,002 24,814    
ratios                                                      
ROE % ...                                       21.4 12.2 15.5 14.5 11.2    
ROA % ...                                       3.12 1.61 1.87 1.58 1.37    
Costs (As % Of Assets) % ...                                       2.52 2.23 2.13 2.00 1.69    
Costs (As % Of Income) %                                         43.0 55.8 48.1 51.2 50.4    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ...     ... ... ...             16.3 15.5 18.4 15.2 20.5    
Net Interest Margin % ...                                       3.41 2.76 2.99 2.67 2.59    
Interest Income (As % Of Revenues) %                                         58.4 69.3 67.6 68.2 77.4    
Fee Income (As % Of Revenues) %                       ... ... ... ... ...         8.09 11.4 ... 11.6 10.6    
Staff Cost (As % Of Total Cost) %                                         33.0 34.3 33.1 33.5 36.1    
Equity (As % Of Assets) %                                         14.6 12.0 12.1 10.00 14.0    
Loans (As % Of Deposits) %                                         81.6 78.2 69.6 82.1 83.5    
Loans (As % Assets) %                                         44.8 46.3 43.3 44.7 41.7    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ... ...   ...                 1.21 0.938 0.683 0.512 0.586    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ...   ...                 176 165 266 278 221    
valuation                                                      
Market Capitalisation (End Of Period) USD mil ... ... ...                                   1,909 1,309 2,048 1,827 2,886    
Number Of Shares (Average) mil                 ... ... ...   ...               603 603 603 603 716    
Share Price (End Of Period) PHP ... ... ...                                   130 116 152 142 190    
Earnings Per Share (EPS) PHP                 ... ... ...   ...               12.3 8.08 11.5 12.1 11.8    
Book Value Per Share PHP                 ... ... ...   ...               62.7 69.3 79.6 88.3 136    
Dividend Per Share PHP                                         0.833 1.00 1.00 1.00 1.00    
Price/Earnings (P/E) ... ... ...           ... ... ...   ...               10.6 14.3 13.2 11.7 16.1    
Price/Book Value (P/BV) ... ... ...           ... ... ...   ...               2.07 1.67 1.91 1.61 1.40    
Dividend Yield % ... ... ...                                   0.641 0.865 0.658 0.704 0.526    
Earnings Per Share Growth % ...               ... ... ... ... ... ...             13.5 -34.3 42.8 5.16 -2.99    
Book Value Per Share Growth % ...               ... ... ... ... ... ...             20.6 10.5 14.8 11.0 53.7    
income statement Unit 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                      
Interest Income PHP mil                                         11,573 12,331 15,374 18,366 22,837    
Interest Cost PHP mil                                         3,476 3,947 4,233 5,950 6,932    
Net Interest Income PHP mil                                         8,098 8,384 11,141 12,416 15,905    
Net Fee Income PHP mil                       ... ... ... ... ...         1,123 1,380 ... 2,110 2,173    
Other Income PHP mil                       ... ... ... ... ...         4,655 2,333 ... 3,683 2,459    
Total Revenues PHP mil                                         13,876 12,097 16,469 18,208 20,538    
Staff Cost PHP mil                                         1,970 2,316 2,619 3,125 3,738    
Depreciation PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Other Cost PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Operating Cost PHP mil                                         5,972 6,752 7,923 9,314 10,360    
Operating Profit PHP mil                                         7,903 5,345 8,547 8,894 10,178    
Provisions PHP mil                                         248 128 790 628 938    
Extra and Other Cost PHP mil                                         23.2 -97.2 -25.5 -22.9 -21.2    
Pre-Tax Profit PHP mil                                         7,633 5,314 7,782 8,289 9,261    
Tax PHP mil                                         189 361 765 911 826    
Minorities PHP mil                                         29.8 79.7 56.5 56.1 0.114    
Net Profit PHP mil                                         7,413 4,874 6,961 7,322 8,435    
Dividends PHP mil                                         1,507 1,708 603 1,206 1,507    
growth rates                                                      
Net Interest Income Growth % ...                                       7.43 3.54 32.9 11.4 28.1    
Net Fee Income Growth % ...                     ... ... ... ... ... ...       22.7 22.9 ... ... 3.00    
Total Revenue Growth % ...                                       19.8 -12.8 36.1 10.6 12.8    
Operating Cost Growth % ...                                       38.7 13.1 17.3 17.6 11.2    
Operating Profit Growth % ...                                       8.66 -32.4 59.9 4.06 14.4    
Pre-Tax Profit Growth % ...                                       5.81 -30.4 46.4 6.51 11.7    
Net Profit Growth % ...                                       13.5 -34.3 42.8 5.19 15.2    
market share                                                      
Market Share in Revenues % ... ... ... ... ... ... ... ... ...                       4.06 3.06 4.02 4.29 4.22   ...
Market Share in Net Profit % ... ... ... ... ... ... ... ... ...                       7.31 4.06 5.97 6.37 6.67   ...
Market Share in Branches % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       2.39 ... ... ... ... ... ...
balance sheet Unit 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                                      
Cash PHP mil                                         25,152 50,013 41,463 63,529 79,356    
Interbank Loans PHP mil                                         42,657 40,859 39,130 31,365 64,634    
Customer Loans PHP mil                                         116,132 160,999 171,808 237,853 289,658    
Retail Loans PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       4,970 8,134 1,806 23,732 37,022    
Mortgage Loans PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       1,741 3,408 ... 15,532 26,022    
Consumer Loans PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       3,229 4,726 ... 8,199 11,000    
Corporate Loans PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       110,892 154,392 0 217,559 256,427    
Debt Securities PHP mil                                         41,675 80,351 103,266 187,310 246,613    
Fixed Assets PHP mil                                         1,545 1,974 2,423 2,598 3,457    
Intangible Assets PHP mil ... ... ... ... ...               ...               1,636 2,106 2,342 2,398 2,725    
Goodwill PHP mil ... ... ... ... ... ... ... ... ... ...   ... ... ... ... ... ...       842 842 842 842 842    
Total Assets PHP mil                                         259,263 347,542 397,198 532,201 694,982    
Shareholders' Equity PHP mil                                         37,796 41,775 47,957 53,215 97,127    
Of Which Minority Interest PHP mil                                         939 1,019 1,076 5.13 5.25    
Liabilities PHP mil                                         221,467 305,767 349,241 478,986 597,855    
Interbank Borrowing PHP mil                           ...     ...       60,858 85,561 79,635 150,102 210,878    
Customer Deposits PHP mil                                         142,393 205,950 246,813 289,851 346,982    
Sight Deposits PHP mil                                         39,580 51,939 63,120 78,289 92,625    
Term Deposits PHP mil                                         92,879 144,069 173,740 201,275 244,000    
Issued Debt Securities PHP mil                       ...                 9,198 5,343 10,516 24,002 24,814    
Subordinated Debt PHP mil ... ... ... ... ... ... ... ... ... ... ... ...   ... ... ...         2,993 0 9,933 9,939 9,945    
Other Liabilities PHP mil                       ...   ...     ...       9,018 8,913 12,278 15,031 15,181    
asset quality                                                      
Non-Performing Loans PHP mil ... ... ... ... ... ... ... ... ... ...                     1,437 1,534 1,195 1,235 1,719    
Gross Loans PHP mil                       ...                 118,667 163,528 174,987 241,290 293,448    
Total Provisions PHP mil                       ...                 2,535 2,529 3,180 3,437 3,791    
growth rates                                                      
Customer Loan Growth % ...                                       35.1 38.6 6.71 38.4 21.8    
Retail Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     165 63.7 -77.8 1,214 56.0    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     36.2 95.7 ... ... 67.5    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     439 46.4 ... ... 34.2    
Corporate Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     32.2 39.2 -100 ... 17.9    
Total Asset Growth % ...                                       20.4 34.1 14.3 34.0 30.6    
Shareholders' Equity Growth % ...                                       20.6 10.5 14.8 11.0 82.5    
Customer Deposit Growth % ...                                       19.3 44.6 19.8 17.4 19.7    
market share                                                      
Market Share in Customer Loans % ... ... ... ... ... ... ... ... ... ... ... ...                 3.38 3.94 3.37 4.11 4.28   ...
Market Share in Corporate Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     6.73 7.74 0 7.64 7.57   ...
Market Share in Consumer Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2.92 ... ... ... ... ...
Market Share in Mortgage Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       0.704 1.13 ... 3.66 5.17   ...
Market Share in Total Assets % ... ... ... ... ... ... ... ... ...                       3.82 4.05 4.06 4.95 5.70   ...
Market Share in Customer Deposits % ... ... ... ... ... ... ... ... ...                       3.07 3.40 3.63 3.87 3.95   ...
ratios Unit 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                                      
ROE % ...                                       21.4 12.2 15.5 14.5 11.2    
ROA % ...                                       3.12 1.61 1.87 1.58 1.37    
Costs (As % Of Assets) % ...                                       2.52 2.23 2.13 2.00 1.69    
Costs (As % Of Income) %                                         43.0 55.8 48.1 51.2 50.4    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ...     ... ... ...             16.3 15.5 18.4 15.2 20.5    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... ... ... ...   ...       ...     14.7 15.1 14.3 12.2 18.0    
Net Interest Margin % ...                                       3.41 2.76 2.99 2.67 2.59    
Interest Spread % ...                                       3.16 2.57 2.84 2.52 2.43    
Asset Yield % ...                                       4.88 4.06 4.13 3.95 3.72    
Cost Of Liabilities % ...                                       1.71 1.50 1.29 1.44 1.29    
Payout Ratio %                                         20.3 35.0 8.66 16.5 17.9    
Interest Income (As % Of Revenues) %                                         58.4 69.3 67.6 68.2 77.4    
Fee Income (As % Of Revenues) %                       ... ... ... ... ...         8.09 11.4 ... 11.6 10.6    
Other Income (As % Of Revenues) %                       ... ... ... ... ...         33.5 19.3 ... 20.2 12.0    
Cost Per Employee USD per month ... ... ... ... ... ... ... ...           ... ... ... ... ... ... ... 1,208 1,265 1,220 1,337 1,276   ...
Cost Per Employee (Local Currency) PHP per month ... ... ... ... ... ... ... ...           ... ... ... ... ... ... ... 50,982 53,694 54,374 61,443 61,856   ...
Staff Cost (As % Of Total Cost) %                                         33.0 34.3 33.1 33.5 36.1    
Equity (As % Of Assets) %                                         14.6 12.0 12.1 10.00 14.0    
Loans (As % Of Deposits) %                                         81.6 78.2 69.6 82.1 83.5    
Loans (As % Assets) %                                         44.8 46.3 43.3 44.7 41.7    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ... ...   ...                 1.21 0.938 0.683 0.512 0.586    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ...   ...                 176 165 266 278 221    
Provisions (As % Of Loans) %                       ...                 2.18 1.57 1.85 1.45 1.31    
Cost of Provisions (As % Of Loans) % ...                                       0.245 0.092 0.475 0.307 0.355    
other data Unit 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                                      
Branches ... ... ... ... ... ... ... ... ... ...   ... ... ... ... ... ...       208 244 256 262 290   ...
Employees ... ... ... ... ... ... ... ...           ... ... ... ... ... ... ... 3,220 3,595 4,014 4,238 5,036   ...
ATMs ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 555 622   ...
Sight (As % Of Customer Deposits) %                                         27.8 25.2 25.6 27.0 26.7    
Risk-Weighted Assets PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...             240,913 259,041 298,773 405,112 513,298    
Return on Loans % ...                                       7.34 3.52 4.18 3.57 3.20    
Operating Profit (As % of Loans) % ...                                       7.82 3.86 5.14 4.34 3.86    
Costs (As % Of Loans) % ...                                       5.91 4.87 4.76 4.55 3.93    
Equity (As % Of Loans) %                                         32.5 25.9 27.9 22.4 33.5    

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Security Bank's net interest income rose 33.5% yoy to PHP 7,020 mil in 3Q2019

By Helgi Analytics - March 4, 2020

Security Bank generated total banking revenues of PHP 8,738 mil in the third quarter of 2019, up 37.9% when compared to the same period of last year and 11.4% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, ...

Security Bank's net interest margin rose 22.7% yoy to 3.55% in 3Q2019

By Helgi Analytics - February 21, 2020

Security Bank's net interest margin amounted to 3.55% in the third quarter of 2019, up from 3.18% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 4.66% in 4Q2004 and an all time low of 2.50...

Security Bank's price/earnings (P/E) rose 1.14% yoy to 13.7 in 3Q2019

By Helgi Analytics - February 20, 2020

Security Bank stock traded at PHP 197 per share at the end third quarter of 2019 implying a market capitalization of USD 2,865 mil. Since the end of 3Q2014, the stock has appreciated by 34.2 % implying an annual average growth of 6.06 %. In absolute terms, the value o...

Security Bank's capital adequacy ratio fell 3.28% yoy to 18.0% in 3Q2019

By Helgi Analytics - February 20, 2020

Security Bank's capital adequacy ratio reached 18.0% at the end of third quarter of 2019, down from 19.2% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 21.8% in 4Q2010 and an all time low of 15.0% in 1Q2016. ...

Security Bank's equity (as % of assets) fell 2.10% yoy to 14.6% in 3Q2019

By Helgi Analytics - February 20, 2020

Security Bank's Equity reached 14.6% of total assets in the 3Q2019, down from 14.9% for the previous year. As a share of net customer loans, the ratio amounted to 26.5% at the end of the third quarter of 2019. ...

Security Bank's customer loan growth rose 30.6% yoy to 10.8% in 3Q2019

By Helgi Analytics - February 20, 2020

Security Bank's customer loan growth reached 10.8% in 2019-09-30, up from 8.25% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 59.7% in 2007-12-31 and an all time low of -20.1% in 2005-12-31. In the last d...

Security Bank's npls (as % of loans) rose 92.3% yoy to 0.612% in 2Q2019

By Helgi Analytics - March 4, 2020

Security Bank's non-performing loans reached 0.612% of total loans at the end of 2019-06-30, up from 0.318% compared to the previous year. Historically, the NPL ratio hit an all time high of 17.9% in 2003-12-31 and an all time low of 0.099% in 2017-06-30. P...

Security Bank's corporate loans rose 5.69% yoy to PHP 337,355 mil in 4Q2018

By Helgi Analytics - February 20, 2020

Security Bank's loans reached PHP 421,327 mil in the fourth quarter of 2018, down from when compared to the previous quarter and up from PHP 374,041 mil when compared to the same period of last year. Historically, the bank’s loans reached an all ti...

Security Bank's retail loan growth rose 10.3% yoy to 53.1% in 4Q2018

By Helgi Analytics - February 20, 2020

Security Bank's retail loans reached PHP 83,972 mil at the end of 2018-12-31, down 0% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 20.2% of the bank's loan book at the ...

Security Bank's net profit fell 16.1% yoy to PHP 8,592 mil in 2018

By Helgi Analytics - February 20, 2020

Security Bank made a net profit of PHP 8,592 mil under revenues of PHP 25,421 mil in 2018, up -16.1% and 2.03% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of PHP 10,242 mil in 2017 and an all time low of PH...

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