MANILA, Philippines - Security Bank was named the 2012 Bank of the Year for the Philippines by The Banker magazine.
In giving the award, The Banker noted that Security Bank has become a competitive player in the local banking industry, after it acquired Premiere Development Bank. It also cited the bank's loan growth of 24%, as it focused on corporate and small-medium enterprise customers.
The magazine, published by The Financial Times of London, also cited Security Bank's lead in the equity and debt capital markets, as it was involved in big-ticket deals such as the government's P323 billion bond swap and San Miguel Corp.'s P16 billion secondary offering.
"We are honored to have been bestowed this prestigious award as it now places us among the world’s most elite financial institutions. The Bank has always focused on
its core strengths that have allowed us to sustain a track record of strong financial and business performance," said Alberto Villarosa, President and CEO of Security Bank, in a statement.
In the third quarter of 2012, the bank posted a net income of P6.2 billion, a 55% increase from the same period last year. It had a return on equity (ROE) at 25%, outpacing the industry average of 12.14%
The Bank of the Year Awards is an annual event that promotes excellence in the global banking community by recognizing the top financial institutions in the world. Judges select only one bank from each country, making it the most sought-after award across the globe.