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Security Bank Corporation (PSE: SECB) posted a net
income of P657 million for the second quarter of
2007, a year-on-year improvement of P187 million
or 40%.
Continued growth in deposits which reached P100
billion coupled with an expansion of resources,
particularly a P8.0 billion increase in net loans
to P41.6 billion; net interest income for the
quarter jumped 34.7% to P1.22 billion over the
comparative period in 2006. Meanwhile, other
income continued a robust growth of P173.2 million
or 45% to P556.9 million. Even more impressive is
the growth in fees, service charges, commissions
and miscellaneous income which grew a combined
P214.4 million or 92% to P448.6 million. With
continued growth in its commercial foreign
exchange distribution activities, foreign exchange
gains registered P104.0 million, up by 156% over
the second quarter of 2006. The favorable
performance more than offset a slowdown in
securities trading gains which registered only
P4.3 million versus the P108.8 million recorded a
year earlier.
Chief Financial Officer, Carlos M. Borromeo added:
“We were cognizant that, with the further
reduction in interest rates experienced this year
versus last, trading gains were expected to slow
down. Hence, we placed increasing focus on
building both the net margin and other income
components of our revenue base. We are quite
pleased that our efforts have proven quite
favorable.”
The bank has continued to report remarkable
results as its operating profits (excluding
provisions and amortizations) registered a growth
in underlying profitability versus the second
quarter of 2006 of P325 million or 60% to P870.5
million. This translates to an underlying profit
per share for the quarter of P2.64 versus P 1.66
the year before. After netting out taxes, earnings
per share stood at P1.99 for the second quarter of
2007. This translated to an annualized return on
equity for the period of 22.6%. |
