SECURITY Bank Corp. (SBC) has been named the Philippines’ Best Bank by a London-based financial magazine “for the way it handled its operations at the onset of the global health crisis.”
“In the competitive field of Philippine banking, the best response to Covid-19 came not from the biggest banks but a rising star, Security Bank,” a citation said. “From the outset, Security Bank took a stance of protection: of itself, its people, its customers and its community. It is testament to the bank’s policies that it not only stayed strong but grew.”
The bank achieved all-time high total revenue of P50.4 billion in 2020, up 48 percent from its year ago level. Its net profit in 2020, however, was only at P7.4 billion due to its pre-provision operating profits of P30.7 billion during the pandemic year.
The financial magazine also lauded the bank’s partnerships with a foreign financial institution.
“Security Bank took advantage of its ties with MUFG to build a strategic partnership with Bank of Ayudhya in Thailand, another member of the MUFG extended family,” the magazine said.
“The two will work together on the consumer finance division, with digital a priority. A cash management agreement was also struck with MUFG. Elsewhere in the bank, the wealth management business grew impressively,” it added.
Security Bank President and CEO Sanjiv Vohra said this recognition affirms the bank’s commitment to customers.
“[The year] 2020 was one of the toughest years for multiple sectors, including the banking industry. We thank our clients, partners and employees for their continued trust in Security Bank, which has made this recognition possible,” Vohra said.
“Being named the Philippines’ Best Bank energizes us towards our goal of being the most customer-centric bank in the Philippines,” he added.
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