Security Bank Corp., the eighth-largest private domestic universal bank in terms of assets, said Tuesday net income declined 27 percent in 2020 to P7.4 billion from P10.1 billion in 2019 after setting aside P26.4 billion as provisions for credit losses amid the lingering impact of the COVID-19 pandemic.
The bank said in a statement the 2020 net profit was driven by increases in net interest income and trading gains.
“Our 2020 results reflect the fundamental strength of Security Bank amidst a very challenging pandemic-impacted environment. Our retail and wholesale teams maintained their steadfast support of our core clients,” Security Bank president and chief executive Sanjiv Vohra said.
“Our financial markets team nimbly navigated significant market movements. We supported our employees through the necessary operating model pivots as well as fortified the bank’s balance sheet with credit provisions,” Vohra said.
Total revenues increased 48 percent to P50.4 billion from the same period last year. Pre-provision operating profit was P30.7 billion, or 85 percent higher than a year ago.