Security Bank Corp. reported third quarter results with a 55 percent year-on-year increase in net income to P6.2 billion in the first nine months of the year and a return on equity of 25 percent.
These results were driven by a 28 percent growth in its loan portfolio, a 37 percent increase in its total deposits to P 138 billion, and a 28 percent expansion of its balance sheet to reach P253 billion in total resources as of the nine month period ending September 30, a press release from SBC said.
SBC president and chief executive Officer Alberto Villarosa noted that their year-to-date performance reflects their clients’ generally positive sentiment on domestic economic activity and the Security Bank Group’s agility in addressing opportunities.
The bank’s net interest income for the nine-month period grew by 9 percent year-on-year to P 6 billion.
Year-to-date net interest margin was 4 percent.
Non-interest income for the nine-month period grew 137 percent to P 5.0 billion notably in trading gains and service charges, fees and commissions.
Total operating income for the nine-month period rose to P 11.1 billion, up by 44 percent or P 3.4 billion from year-ago level. Net income during three-month period ended September 30, 2012 was P 1.2 billion, the press release also said.
SBC has also opened 14 branches as of end September out of its 50 branch plan targeted by June 2014.
The integration of Security Bank Savings (formerly Premiere Development Bank) is ongoing and is highlighted by the opening of the new SBS Head Office at the 6797 Ayala Avenue, Makati City, recently.
Moreover,l the Bank’s Board of Directors approved a second semestral regular cash dividend of P 0.50 per share and a special cash dividend of P 0.50 per share with October 17, as record date and yesterday as payment date.
The total dividend declared for 2012 is P 1.00 regular cash dividend and P 1.00 special cash dividend, the press release said.
In October, The Asian Banker named Security Bank as the “Strongest Bank in the Philippines in 2012”.
In June, Asiamoney named Security Bank as the “Best Domestic Debt House in the Philippines” during the Asiamoney Best Banks 2012 Awards, and Finance Asia magazine named the Bank as the “Best Mid-Cap Company in the Philippines”. Also in June 2012, Security Bank was named “Best in Asia in Corporate Governance” for the third straight year during the 8th Corporate Governance Asia Recognition Awards, the press release added.*