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Leading private universal bank, Security Bank Corporation and Cebu-based Aboitizland, Inc. recently signed a Php 500-M loan partnership to fund the latter’s latest endeavor in the Queen City of the South.
The partnership underscores Security Bank’s commitment to support the nation’s real estate industry.
Aboitizland will utilize the loan primarily to develop Cebu City’s first real urban village called The Persimmon. The 1.4-hectare residential and commercial project is strategically-located and is touted to revolutionize the urban living standards in the premier southern capital.
The company will also allocate a portion of the loan to support the development of its business process outsourcing venture, iMEZ, located at the Pueblo Verde Commercial Center in Mactan.
“The growth prospect for the property industry in Cebu is truly phenomenal. The increased demand for both residential and commercial developments is prompting leading real estate companies to expand their portfolio to match the needs,” said Patricia May Siy, Security Bank Senior Vice President and Head of Corporate Relations Group.
She added, “Security Bank recognizes this trend and extends its full support to help property companies respond to the local market demand.”
Quality loan assets such as the recently-inked deal with Aboitizland has propelled the bank’s financial performance, ending the year with a net income of Php 2.7 billion, an astounding 42% increase from last year’s numbers. An integral part of its stellar financial results is a remarkable 55% growth in its loan portfolio.
Said Siy, “By leveraging on the client relationships we have cultivated over the years, we have managed to steadily grow our portfolio of quality loan assets that yielded favorable results for the past year. We hope to continue to replicate this success by maintaining good client relations.”
The bank also recently reported a phenomenal 22% return on equity for yearend 2007, a five-point increase from the 17% registered a year earlier. The track record reinforces Security Bank’s continued focus on achieving excellent shareholder value.
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