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2020 Annual Financial and Sustainability Report

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2020 Annual Financial and Sustainability Report 2020 Annual Financial and Sustainability Report Together, we can get better. 2 SECURITY BANK CORPORATION 3 Corporate Information 102-16 Corporate Profile 102-1 ecurity Bank Corporation is one of the The Bank has been recognized by international Our Vision Our Mission Philippines’ leading universal banks, and local organizations for its continuous To become the most customer- We enrich lives, empower Sestablished on 18 June 1951 as the first product innovation, market leadership and private, Filipino-controlled bank of the post- best-in-class management practices. centric bank in the Philippines businesses, and build World War II period, and publicly-listed communities through financial with the Philippine Stock Exchange (PSE: Security Bank believes that corporate service excellence SECB) in 1995. success is achieved together with the promotion of positive social change. By Security Bank’s major businesses cover implementing sustainable Corporate retail, commercial and corporate banking, Social Responsibility programs focused on and financial markets. It offers a wide education, entrepreneurship, community range of services including financing, engagement and the environment, along leasing, foreign exchange, stock brokerage, with employee involvement and through investment banking and asset management. its social development arm, Security Bank Foundation, Inc. (SBFI), Security Our Values Security Bank differentiates itself from Bank is able to promote social good in the competition as a strong, independent, communities where it operates. domestic bank with a global reach. People The Bank provides superior customer We care for our employees. We are driven to serve the diverse needs of experience in line with its brand promise our customers. We deliver sustainable shareholder value. of BetterBanking, stemming from an in-depth understanding of clients’ needs and providing solutions in a professional, Integrity problem-free, personalized and prompt We act respectfully and honestly to honor commitments while ensuring manner. With the Bank’s strategic timely, best-in-class delivery, even when situations are challenging. partnership with Mitsubishi UFJ Financial Group (MUFG), the largest financial group in Japan, it is also able to provide customers Empowerment access to an extensive global network. We are accountable for the authority we are given and the authority we give to others. Innovation We reimagine existing processes and tools towards achieving better outcomes. Execution Excellence We effectively operationalize strategic goals and drive process and service excellence. 4 SECURITY BANK CORPORATION 5 Our Strategy Statement Contents Customer Centricity is our strategy. We will continue to build Corporate Information . 2 Compliance . 116 our capabilities based on their needs. In line with this, we aim 2020 Financial Highlights . 6 Audit Committee Report . 123 to be an industry leader measured by NPS among our chosen customer segments. Message from the Chairman . 8 Products & Services . 124 Our goal for both our retail and wholesale We will enhance shareholder value by Insights from the President & CEO . 10 GRI Content Index . 125 customers is to become a meaningful working towards achieving the Top 3 Peer Review of Operations . 16 Statement of Management Responsibility partner to them by serving them across a ROE among the Top 10 banks in the country for Consolidated Financial Statements . 129 range of their financial needs. Our affiliation within the next five years. Sustainability Report . 32 with MUFG enables global linkages that Independent Auditor’s Report . 130 create value for our customers, employees Awards and Recognitions . 68 and other stakeholders. Statements of Financial Position . 135 Board of Directors . 70 We have built our Retail Banking business Statements of Income . 137 as a strong third pillar alongside Wholesale Board of Directors’ Profiles . 72 Banking and Financial Markets. We will Statements of Comprehensive Income . 139 continue investing in People, Process, Data Board Advisor . 79 and Technology to provide differentiated Statements of Changes in Equity . 140 service. Recognizing that People are the Executive Committee . 80 Statements of Cash Flows . 144 heart of what we do, we aim to drive Executive Management . 82 employee satisfaction and become the Supplementary Management Discussion . 305 Employer of Choice in Philippine Banking. Senior Management’s Profiles . 84 Branch Directory . 322 Corporate Governance . 94 Risk Management . 106 6 SECURITY BANK CORPORATION 7 2020 Financial Highlights 2020 Financial Highlights Total Assets Loans and 2020: PHP MN GRI 102-7, 103-1, 103-2, 103-3, 201-1 652,851 Receivables (Net) 2019: 793,007 PHP MN Total Deposits 2020: PHP MN ecurity Bank achieved record-high revenues deposits, up from 45% a year ago. On an ADB or 2018: 766,861 PHP MN 438,852 2019: 448,599 PHP MN of PHP50.4 billion in 2020, up 48% from Average Daily Balance basis, low-cost deposits 2020: 440,411 PHP MN 2018: 416,318 PHP MN 2019: 499,606 PHP MN prior year. Driving revenue growth were both grew 24%. Total deposits were lower by 12% as S 2018: 488,890 PHP MN net interest income, which grew 14% to PHP30.6 high-cost deposits decreased 37%. Gross loans billion, and non-interest income, which increased stood at PHP460 billion, up 1%. Retail loans were Total Equity 178% to PHP19.7 billion. Securities trading gains down 10% as the Bank tightened its risk acceptance 2020: 123,306 PHP MN totaling PHP13.4 billion, significantly higher than standards. Wholesale loans increased 3%. The cost- 2019: 118,286 PHP MN PHP1.5 billion in 2019, drove non-interest income to-income ratio improved by 12 percentage points Net Income 2018: 109,482 PHP MN growth. Net interest margin improved to 4.77%. to 39.1% from 51.1%. Return on shareholders’ 2020: 7,432 PHP MN Amidst the economic impact of the COVID-19 equity was 6.16% while return on assets was 1.03%. 2019: 10,102 PHP MN 2018: 8,610 PHP MN pandemic, the Bank proactively set aside PHP26.4 Net NPL ratio was 1.97% and NPL cover was 115%. billion as credit provisions, a significant increase Total assets stood at PHP653 billion. Shareholders’ from PHP4.2 billion in 2019. As a result, 2020 equity increased 4% to PHP123 billion. Security net income was PHP7.4 billion. The Bank’s Bank continues to be among the country’s best focus on building its low-cost deposits has paid capitalized private domestic universal banks, with off handsomely. Low-cost savings and demand Common Equity Tier 1 Ratio of 19.2% and Total deposits grew 19% and increased to 60% of total Capital Adequacy Ratio of 20.1%. (Amounts in PHP Million, Consolidated Parent Bank (Solo) Except Ratios, Per Common Share & Headcount) 2020 2019 2018 2020 2019 2018 PROFITABILITY Branch Network Total Net Interest Income 30,650 26,844 20,820 29,524 25,763 20,339 313 804 6,833 180 Metro Manila ATM Network Number of Total Non-Interest Income 19,723 7,105 4,779 18,054 6,186 4,268 74 Luzon Employees Total Non-Interest Expenses 19,701 17,350 13,791 18,649 16,115 12,984 29 Visayas 30 Mindanao Pre-Provision Profit 30,672 16,599 11,808 28,929 15,834 11,623 Provision for Credit and Impairment Losses 26,418 4,183 722 24,610 3,377 627 Net Income 7,432 10,102 8,610 7,247 10,146 8,650 BALANCE SHEET Profitability Asset Quality Liquid Assets 192,289 314,874 336,159 191,643 313,078 335,984 Gross Loans 460,488 454,529 421,327 460,715 456,386 419,555 7.4 PHP BN Allowance for Credit Losses 21,636 6,043 5,233 21,612 6,038 5,284 Net Income 1.97% Net NPL Ratio Total Assets 652,851 793,007 766,861 652,909 788,040 766,844 Deposits 440,411 499,606 488,890 441,959 500,573 490,621 Total Equity 123,306 118,286 109,482 123,283 118,436 109,588 6.16% Return on Shareholders’ Equity 115.47% RATIOS NPL Coverage Ratio Return on Equity 6.16% 8.87% 8.07% 6.00% 8.90% 8.10% Return on Assets 1.03% 1.30% 1.20% 1.01% 1.31% 1.20% 1.03% CET 1 Capital Ratio 19.19% 16.85% 16.40% 18.84% 16.39% 15.57% Return on Assets Capital Adequacy Tier 1 Capital Ratio 19.19% 16.85% 16.40% 18.84% 16.39% 15.57% Total Capital Adequacy Ratio 20.09% 17.88% 18.70% 19.75% 17.44% 17.89% PER COMMON SHARE 19.19% CET 1 Capital Ratio Net Income per Share 101.0 PHP BN Basic 9.86 13.40 11.42 9.61 13.46 11.47 Market Capitalization Diluted 9.86 13.40 11.42 9.61 13.46 11.47 Book Value per Share 163.50 156.83 145.15 163.47 157.04 145.3 20.09% Total Capital Adequacy Ratio OTHERS Cash Dividend Declared 2,265 2,265 2,265 2,265 2,265 2,265 652.9 PHP BN Total Assets Headcount 6,833 6,625 5,903 6,654 6,470 5,776 Officers 4,324 4,014 3,660 4,220 3,931 3,579 Staff 2,509 2,611 2,243 2,434 2, 539 2,197 8 SECURITY BANK CORPORATION 9 Message from the Chairman Message from the Chairman GRI 102-14 from PHP146.940 billion to PHP100.974 I wish to thank all our Directors and Advisors billion. Price-to-book ratio deteriorated for guiding the Bank through this storm with significantly from 1.24x to 0.82x. Dividends, much wisdom and discernment. Dear Stakeholders, however, continued to be distributed at the same level as in the previous year, totaling On behalf of the Board of Directors, I wish o say that 2020 was a difficult and bring out the best character traits in all of PHP2.26 billion and representing a dividend to commend Management and acknowledge challenging year would definitely us if we so choose.
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