Online money transfer rose substantially in 2020 as the lockdown measures imposed during this pandemic accelerated shift to digital banking, Security Bank Corp. said.
In a statement, the listed bank said its online fund transfer grew by over 300 percent year-on-year in 2020. Overall online banking usage surged by 170 percent between March 17 and August 31, the bank said.
The online fund transfer transactions include interbank money transfer through InstaPay and remittances via Security Bank’s eGiveCash.
“We have seen a surge in the number of people transacting via [our online platform] with transactions growing steadily month-on-month,” Head of Transaction Banking Group John Cary L. Ong said.
Ong added the online bills payment also comprised a big portion of the transactions. “This [online bills payment] has been one of the main drivers of our electronic channel growth with a 48-percent increase versus the previous year,” he added.
Ong welcomed the surge in online banking users because this showed that more are adapting to the new normal already.
“Security Bank will continue to test and roll out new user-friendly features, streamline our digital solutions, and strengthen our technology and platforms to support the changing needs of our customers,” he said. “Our commitment to continuous innovation allows us to provide better banking services to those we serve.”
Meanwhile, the bank also reminded the public to remain vigilant against online scams amid the pandemic.
Security Bank saw its first half earnings increase by 14 percent to P5.7 billion from P5 billion last year for the same period on the back of higher net interest income and trading gains.
Total revenues surged by 68 percent to P25.9 billion while total net interest income rose by 34 percent to P15.8 billion in the first semester.
Security Bank earmarked P11-billion worth of buffer for potential credit losses, which is markedly higher than P639 million last year. Gross nonperforming loan (NPL) ratio stood at 1.58 percent while NPL coverage ratio was at 174 percent.
Capital adequacy ratio was at 19.7 percent while common equity tier 1 ratio was registered at 18.8 percent. Both are above the minimum regulatory requirements.