Security Bank earns record-high P7.5 Billion net income and increases branch network

Security Bank Corporation (PSE: SECB) released its audited 2012 full year results posting a record-high net income of P7.5 billion and a return on equity of 22%.

The Bankأ†s business volumes increased with customer loans growing by 30% to P119.7 billion, deposits increasing by 19% to P142.4 billion, and total assets expanding by 21% to P259.3 billion.

During this period of economic growth for the country, Security Bank invested in growing its branch network. In 2012, the Bank added 72 branches for a total of 208 branches nationwide and 279 automated teller machines (ATMs). As of year-end 2012, the universal bank had 170 branches and subsidiary Security Bank Savings (SBS), formerly Premiere Development Bank which Security Bank acquired in February 2012 had 38 branches.

Total operating income was at an all-time high of P14 billion for a 20% increase while operating expenses excluding provisions for credit losses and impairments was P6 billion, up by 40% from 2011 as the Bank continued investing in its branch expansion. The cost-to-income ratio was 43%.

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.

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