Security Bank nets P3.6 billion in H1
MANILA, Philippines - Security Bank said it earned P3.6 billion in the first half of 2014, up 115 percent from a year ago.
Security Bank said the higher net income was driven by growth in its loan portfolio, investment securities and deposits.
"All of our business segments strongly contributed to the results, thanks to the healthy economy and our strong customer focus and business discipline," Security Bank President and Chief Executive Officer Alberto S. Villarosa said.
The bank said its loan portfolio increased by 30 percent to P173 billion, while investment securities rose 106 percent to P111 billion. Deposits grew by 22 percent to P218 billion.
Net interest income jumped by 46 percent year-on-year to P5.8 billion in the January to June period.
Core revenues, which consist of net interest income, fee-based income, and trading gains attributable to customer flows, surged 31 percent to P7 billion in the first half.
Security Bank's total operating income went up by 59 percent to P8.4 billion, while operating cost (excluding provisions for credit losses and impairments) grew by 11.8 percent.
Ten new Security Bank branches were opened in the second quarter of 2014. As of June 30, 2014, it has a network of 253 branches and 444 ATMs
"Our cost efficiency continues to improve, with cost-to-income ratio at 44 percent in 1H-2014. Our capital adequacy ratios under Basel III are sustained at healthy levels, with Common Equity Tier 1 at 13.2 percent and Total CAR at 14 percent as of June 30, 2014," Security Bank Chief Financial Officer Joselito E. Mape said.