Security Bank Surge in Profitability Sustained as Net Income Increased by 40%

Security Bank Corporation (PSE: SECB) posted a net income of P1.41 billion for the first semester of 2007, up by P404.3 million or 40% versus the comparative period in 2006. This remarkable performance occurred following a sustained compound annual growth rate in net income of 57% over the last three years.

Underpinning the robust improvements in the bottom-line is a 29% improvement in revenues to P3.98 billion over the first semester of 2006.

Propelled by a 19% growth in resources to P145.7 billion, with net loans increasing by P8.0 billion or 24% to P 41.6 billion, Security Bank