Dear Stakeholders,

2022 was a year of fortitude for our Bank. Despite the occurrence of events that significantly impacted economies around the globe: the spread of the Omicron variant, the Russia-Ukraine war, global inflation, tightening by central banks, currency depreciation, China’s lockdowns and subsequent reopenings, and others, Security Bank remained resilient. Our adaptability enabled us to secure wins for the year, while shoring up for the future—with the goal of creating meaningful impact for our stakeholders and our communities.

2022 IN NUMBERS

Our results reflect continued growth in our retail and wholesale client segments. Our Bank posted a 53% increase in net income to PHP10.6 billion in 2022, driven by growth in core businesses, lower credit provisions, and normalized income tax provisions.

• Loan assets increased, focused primarily on corporates and home loans—with growth acceleration of our retail loans to 16%.
• Service fees, charges and commissions, foreign exchange gains, profit from assets sold, and recovery on charged-off assets helped in non-interest income.
• We invested in technology and talent to support growth in Retail Banking, Branch Banking, and other key areas.
• Credit provisions substantially decreased from 2021 level.
• Income tax provisions normalized—as last year’s tax provisions were affected by a one-time charge related to the CREATE Law.

Security Bank remained one of the country’s best capitalized private domestic universal banks.

PRIORITY AREAS STRENGTHENED

In support of our vision to become the most customer-centric bank in the Philippines, we invested heavily in critical areas to enhance customer experience: our employees, data and digital infrastructure, cybersecurity, core technology, process excellence, and automation.

Employee initiatives introduced in 2021 were carried over to 2022: performance management to align with a values-based culture; leadership and technical capability frameworks for a focused approach to hiring, developing, and engaging talent; better compensation planning for bonuses, merit increases, and promotions; mental health support; and the Future of Work (FoW) set-up which promotes the benefits of hybrid work. These programs led to our recognition as the top local bank at the Philippines’ Best Employers Survey by Statista and the Philippine Daily Inquirer—a positive step towards our goal of becoming the Employer of Choice in Philippine banking. 

On the Bank’s digital and technology journey, 2022 was a transformative year. We completed the redesign and reorganization of the Enterprise Technology and Operations (ETO) team. The new ETO will allow technology and business to work hand in glove, delivering the best digital experiences for our customers. Likewise, we recalibrated our technology roadmap and assessed the technology stack to improve the performance and stability of our online banking platforms, as well as enable agility to drive our omni-channel strategy.

We streamlined and automated several processes to create operational efficiencies, optimize resources, improve quality of service, and shorten turnaround cycles in serving customers. We strengthened our cybersecurity with leading-edge capabilities to combat cyber-attacks and protect internal assets and products.