Security Bank Corporation (PSE: SECB) posted a net income of P 757.6 million for the first quarter of 2007, 40% more than the P 540.3 million earnings for the same period last year.
The continued growth pace recorded by the bank was spurred by a 23% increase in revenues over the same period last year to P 2.2 billion. The revenue growth is comprised of a 19% improvement in net interest income and 27% improvement in non-interest income. The healthy increase in net interest margins were supported by a 38% quarter-on-quarter expansion in earning assets to P 129.3 billion. The robust growth in earning assets helped defray the impact of a 273 basis point decline in average interest rates versus the same period last year.