SECURITY Bank Corp. is eyeing to open at least seven new branch locations across the country this year after completing its 2020 expansion plan amid the lockdown restrictions that government imposed to stem the coronavirus pandemic.
The listed bank said in a statement last Monday that it opened, relocated and revamped a total of 10 bank branches last year in response to the market demand.
“Despite the transition to digital banking, we still recognize the importance of branches in making our services accessible to different areas,” Branch Banking Group Executive Vice President Leslie Y. Cham was quoted in the statement as saying.
“Through our continued push to increase our branch banking presence, we are optimistic that we will be able to serve more Filipinos,” Cham added.
The bank inaugurated four new branches in Makati City, Quezon City (two) and a mall on Manila Bay. Security Bank said it renovated or relocated six branches “to increase accessibility for clients.”
The bank said it also renovated some of its branches to streamline and modernize the design and facilities. These now have specific area for automated teller machines (ATM), space for self-service transactions and even redesigned bank teller area for other transactions.
Security Bank’s Branch Lites—branches with compact setup—were also built with a Skype nook. This is where clients can have Skype calls to the bank’s investment experts should they need their advice, the bank said in its statement.
“The modernization of our branches, by equipping them with iPads and other devices, is our move to encourage customers to take advantage of Security Bank’s online and digital platforms,” Cham said. “We want each client to experience efficiency, comfort and heightened safety while they’re banking with us.”
As of January 7, the bank has 313 branches and 787 ATMs across the country.
in January to September last year, Security Bank’s net income dropped by 13 percent to P6.7 billion from P7.7 billion year-on-year because of surge in provisions for potential credit losses.
Its common equity tier 1 and capital adequacy ratio stood at 19.1 percent and 19.9 percent as of end-September 2020, respectively, which are both above the regulatory requirement.