Security Bank reports ROE of 26.6% with net income higher by 10.3%

Security Bank Corporation (PSE:SECB) disclosed its first quarter results reporting an annualized ROE of 26.6% for the period, higher than the 22% ROE registered at year-end 2007. This stellar accomplishment follows five years of successive improvements in ROE beginning 2002. The Bank maintains its track record for delivering excellent shareholder value on the back of a net income of PhP 836.9 million, PhP 78.1 million or 10.3% higher than the comparative period in 2007.

Security Bank Corporation President and Chief Executive Officer, Mr. Alberto S. Villarosa remarked on the 2008 Q1 results: “We are able to consistently deliver high ROE coming from a series of strategic initiatives commenced five years ago to purposely drive shareholder value. It is a convergence of programs to streamline the business that has been generating incremental ROE year on year and will continue to sustain growth and profitability.”

The positive net income performance was delivered through a PhP 123.0 million or 5.6% increase in revenues. Net interest income which stood at PhP 1.1 billion was slightly higher than the same period last year. The components of net interest income reflected the change in the bank