Security Bank earns record PhP 7.2 billion Net Income in 2010

Security Bank Corporation (PSE: SECB) achieved record profits as it reported a net income (unaudited) of PhP 7.2 billion for full year 2010. The outstanding performance was 134% higher than full year 2009 and resulted in an industry high return on equity (ROE) of 35%.  Total revenues rose to PhP 12.9 billion, 63% higher than the same period last year. The growth in core revenues was significantly enhanced by the PhP 4.8 billion in trading and securities gains recorded for the year.  This substantial revenue stream arose from the bank