Security Bank reports Php 1.2B net income for Q1-2013

Security Bank (PSE : SECB) reported a net income of P1.2 billion in the first quarter of 2013, an 11% increase from year-ago level. This translates to a return on equity of 13%.Total assets grew by 20% year-on-year to P258.9 billion. Loans increased by 21% to P119.2 billion. In support of economic development, loans went to critical sectors such as power, utilities, infrastructure, wholesale and retail trade, food, agriculture and consumer goods. Deposits likewise grew by 22% to P141.8 billion, which matched the pace of loan growth.In 2012, Security Bank made significant investments to increase its branch network, strengthen core businesses and develop new businesses such as consumer lending. The Bank added 72 branches, including the 38 branches of the former Premier Development Bank (now Security Bank Savings) which it acquired in February 2012. Two more Security Bank branches were opened in the first quarter of 2013. As of the end of March 2013, the Security Bank group has a total of 210 branches, of which the universal bank has 172 branches and thrift bank subsidiary Security Bank Savings has 38 branches.The Bank