SECURITY Bank Corp. on Tuesday said that Executive Vice President John David “JD” Yap would become its next chief financial officer (CFO).
Yap’s appointment, which takes effect on June 13, signaled a shift toward deeper integration between the bank’s growth businesses and finance operations as Security Bank continues to expand its small and medium enterprise (SME) banking franchise.
Yap currently heads the business banking segment, where he oversaw the expansion of SME lending and pushed initiatives involving digitalization, analytics and portfolio management. He is set to replace Senior Vice President Allen Reyes, who will be leaving the bank on June 12.
The appointment underscores the bank’s focus on sustaining long-term growth while maintaining disciplined execution, Security Bank President and CEO Victor Lee said.
As CFO, Yap will oversee financial strategy, capital management, regulatory reporting, investor relations and sustainability-related finance functions.
Before joining Security Bank, Yap held leadership positions at Singapore-based financial institutions and firms, including Standard Chartered Bank and United Overseas Bank.
In the interim period before assuming the role of CFO, Yap will continue to supervise the business banking segment while existing leadership teams remain in place.
For the first quarter of this year, Security Bank reported a pre-provision operating profit of P7.5 billion, up 24 percent year on year, backed by disciplined cost management.
Revenues grew 10 percent to P17 billion, with net income at P2.7 billion, up 6 percent quarter on quarter, despite higher provisions amid evolving operating conditions.
Security Bank shares on Tuesday dropped P1.50, or 2.29 percent, to close at P64.00 each.
