Security Bank Corporation (PSE: SECB) released its unaudited 2012 full year results which show an all-time high net income of P7.5 billion and a return on equity of 22%. Customer loans grew by 30% to P119.6 billion while deposits increased by 19% to P142.4 billion as of yearend 2012. This translated to an 8% increase in net interest income despite the adverse interest rate pressure coming from prevailing low interest rate, the monetary easing by the Bangko Sentral ng Pilipinas, the removal of interest paid on reserve requirements, and sale of securities by the bank. As a result, the net interest margin in 2012 was 3.94%, slightly lower than the 4.08% in 2011. Non-interest income increased by 44% mainly due to higher trading gains on securities as well as fee-based income. The cost-to-income ratio was 43.2%, higher than the 36.9% reported in 2011 as the bank embarked on branch expansion. The bank ended the year with total assets of P259.5 billion for a 21% growth rate on the back of strong macroeconomic fundamentals. The return on assets was 3.3%. Earnings per share increased by 11% to P14.84 while the book value per share increased by 21% to P73.28 as of year-end 2012. Security Bank President and Chief Executive Officer Mr. Alberto S. Villarosa said: “We are pleased to achieve our financial and business results amidst increased competition even while we are investing to increase our branch network and customer coverage capabilities during this period of economic growth.” The bank opened 34 new branches and ended 2012 with a network of 208 branches for both Security Bank and Security Bank Savings (formerly Premiere Development Bank which Security Bank acquired in February 2012). Security Bank Chief Financial Officer Mr. Joselito E. Mape said: “Our non-performing loan (NPL) ratio remained low at 1% while reserve cover was 213%. Our capital adequacy ratio (CAR) of 16.3% and tier 1 CAR of 14.7% reflect the higher loans and short-term treasury portfolio as of year-end 2012.” Prestigious international financial publication The Banker of the Financial Times of London awarded Security Bank with the “Bank of the Year” of the Philippines in 2012 in awards ceremonies in November 2012 in London. In October 2012, The Asian Banker named Security Bank as the “Strongest Bank in the Philippines“ in 2012.