At the heart of everything we do, is
YOU
2024 Integrated Report
At the heart of everything we do, is
YOU
2024 Integrated Report
At the heart of everything we do, is
YOU
2024 Integrated Report
In 2024, we increasingly adopted customer-centric strategies to meet the diverse needs of our customers. This approach involved tailoring our services and products to specific customer segments, enabled by the strategic integration of people, technology, data, and risk management. Furthermore, we advanced in our sustainability journey with a refreshed Sustainability Framework to better articulate our long-term vision and refine our strategic direction.
This year’s Integrated Report is structured to provide a well-rounded understanding of our BetterBanking story in 2024, and to inspire our stakeholders to help shape a resilient and sustainable future.
Message from the Chairman
“This year’s theme, ‘At the heart of everything we do, is you,’ highlights the keen focus of everyone at Security Bank on customer experience and engagement. We remain committed to delivering value and excellence, ensuring that at the heart of everything we do is indeed, you…”
Cirilo P. Noel
Chairman
Insights from the President and CEO
“Looking forward, we’re optimistic about building on our achievements and driving sustained profitability… We’ll remain focused on creating experiences that build loyalty and trust, with customers at the heart of everything we do.”
Sanjiv Vohra
President and CEO
2024 Financial highlights
2024 was a year of growth and investment. Security Bank posted record-high Net Income of PHP11.2 billion in 2024, up 23% year-on-year. This was on the back of the Bank achieving record-high Total Revenues of PHP54.9 billion, up 28%.
TOTAL ASSETS
1.1
PHP TN
NET INCOME
11.2
PHP BN
TOTAL EQUITY
136,130
PHP MN
TOTAL DEPOSITS
801
PHP BN
RETURN ON SHAREHOLDERS’ EQUITY
8.11%
RETURN ON ASSETS
1.12%
Our sustainability focus
In 2024, we refreshed our Sustainability Framework to better articulate our long-term vision and refine our strategic direction. This refreshed framework is rooted in our vision to become the Philippines’ most customer-centric bank.
Goal 1:
Cultivate a progressive culture of sustainability
Goal 2:
Become a role model in climate risk management
Goal 3:
Become the preferred partner in sustainable finance
Value creation model
We mapped out the value we’ve created—connecting it to our overall purpose, strategic initatives, business resources, and impact. We’ve been intentional in aligning this value with our core business pillars and sustainability framework. This alignment demonstrates our commitment to sustainable practices and the positive impact we aim to achieve in all aspects of our organization.
Our BetterBanking stories
Making retail banking better
In 2024, Security Bank achieved milestones that showcased its dedication to delivering a superior banking experience. From launching an innovative digital banking app to expanding our branch network, we have consistently prioritized convenience, accessibility, and trust for our customers.
Redefining convenience
In 2024, we demonstrated our commitment to improved customer experience and accessibility through significant advancements in digital banking, branch expansion, and rapid service delivery.
Innovating products that matter
In a world where financial needs are as diverse as the customers themselves, we doubled down on innovation, launching products and services that weren’t just relevant but refreshingly forward-thinking.
Building trust with care
Customers spoke, and we listened. In 2024, we collected feedback through CSAT surveys across various channels, including email, Viber, website, and QR codes at the branches. We took this feedback to heart and pushed ourselves to improve.
Promoting financial education
We promoted financial literacy and proactive engagement, acknowledging that good money management is as vital as income generation.
Our BetterBanking stories
Empowering corporate and commerical customers
Security Bank understands the complex needs of corporate and commercial clients. We make transactions easier with advanced cash management, trade finance, and payment systems, and strong digital platforms. Through innovative financial products and key partnerships, we help businesses grow and expand smoothly.
Enhanced relationship management
Our Corporate Banking Group (CorBank), Commercial Banking Group (ComBank), and Focus Segments Team came together to provide better industry coverage, more tailored solutions, and customized financial strategies to meet the unique needs our customers.
Digital banking for corporates
We modernized our transaction banking suite of products and made collections and disbursements easier and more efficient.
Cross-border partnerships
In Q2, we joined MUFG partner banks on the ASEAN Link which opened doors for cross-border investments, giving our customers access to a network of partner banks across the region, business matching activities, knowledge sharing, expanded collaboration with MUFG, project finance opportunities, and the expansion of the Japan Desk.
Our BetterBanking stories
Enabling MSMEs
Our Business Banking Segment (BBS) provides support for these MSMEs and in 2024, this fast-growing segment enhanced its customer-centric proposition with innovative products and partnerships, digital payments initiatives, and improved loan application processing times.
Smarter lending, faster approvals
This year, we rewired the loan application process, making it faster, smarter, and more customer-centric. Enhancements included cut down turnaround times and an online appointment-booking tool that gave MSME customers an efficient, stress-free way to schedule consultations and loan processing meetings.
Faster payments, fewer headaches
If cash flow is the lifeblood of business, then payments are the heartbeat. In 2024, we launched Security Bank Collect, a digital payment platform powered by Magpie.IM, designed to remove traditional barriers and bring businesses into the future of seamless transactions.
Support that goes further
Financing a business is one thing—helping it thrive is another. That’s why we launched the Beyond Banking Partnership program, designed to give MSMEs a competitive edge by providing access to exclusive third-party services such as business registration, legal services, HR solutions, business intelligence, and tax filing.
2024 Integrated Report
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