Security Bank survives challenging year with 'very strong' retail business

ABS-CBN News

Posted at Dec 18 2018 10:58 AM

 

MANILA - Security Bank on Monday said its retail banking business was "very strong" in 2018 driven by credit card, auto and home loans.

The Bangko Sentral ng Pilipinas' (BSP) five successive rate increases raised the benchmark to 4.75 percent from just 3 percent at the start of 2018.

Despite the rising interest rates, Security Bank managed to survive its "most challenging year" with "relatively respectable numbers," its president and CEO Alfonso Yogi Salcedo Jr told ANC.

"Our star is its retail banking business which again reflects the strengths of the economy. So I think that’s very encouraging," Salcedo said.

Monetary policies by the BSP could be "a lot more stable" in 2019, as inflation has eased and world oil prices have gone down.

Security Bank is the 6th largest bank in the country in terms of assets, according to the BSP.