Security Bank Posts 36% Growth in Assets

Security Bank and its Subsidiaries and Affiliates posted P137.4B in assets for the first quarter of 2007, growing by P36B or 36% from the same period last year. Incremental funds came solely from deposits as it soared by 70% to P104.1B. The liquidity generated enabled the Bank to unload its interbank borrowings, which plummeted by half, thereby reducing the Bank”s cost of funds. Excess funds were then channeled to loans, investments in government securities and placements with the BSP.

Capital funds are at P12.5B, up by almost P2B. This included the Bank”s P758M net profit for the first quarter of 2007, 40% higher vs. same quarter in 2006, made possible by an increase in earning assets funded largely by deposits. This resulted to a 20.5% improvement in average return on equity to 24.5%, maintaining the Bank”s leadership among private domestic universal banks in providing the highest return on equity.