Latest Stories

SBC posts record ’12 profit

Security Bank Corp. posted a net profit of P7.5 billion last year, the highest in the bank’s history, as extraordinary trading gains complemented expanded earnings from core lending.

Security Bank, the fourth most valuable bank in the local stock market, on Monday disclosed that its net profit in 2012 translated to a 22 percent return on equity.

This also marked a 12-percent increase in profitability from P6.7 billion in 2011. This also exceeded the Bloomberg consensus net profit forecast for Security Bank of P6.75 billion for 2012.

“We are pleased to achieve our financial and business results amidst increased competition even while we are investing to increase our branch network and customer coverage capabilities during this period of economic growth,” Security Bank president and chief executive officer Alberto Villarosa said.

Earnings per share rose by 11 percent to P14.84 while the book value per share increased by 21 percent to P73.28 as of yearend.

On its core lending look, the bank reported a 30-percent growth in customer loans to P119.6 billion. This expansion in earning assets was supported by a 19-percent increase in deposits to P142.4 billion as of yearend 2012. This translated to an 8 percent increase in net interest income despite the adverse interest rate pressure coming from prevailing low interest rate, the monetary easing by the Bangko Sentral ng Pilipinas, the removal of interest paid on reserve requirements, and sale of securities by the bank.

The net interest margin last year was 3.94 percent, lower than the 4.08 percent in 2011 but still within levels deemed comfortable by the banking industry.

Non-interest income increased by 44 percent mainly due to higher trading gains on securities as well as fee-based income.

As a measure of efficiency, the bank said it spent 43.2 centavos to earn P1 last year.  This cost-to-income ratio increased from 36.9 percent in 2011 as the bank spent more on expanding its branch network.

The bank opened 34 new branches in 2012, bringing its branch network to 208 for both Security Bank and Security Bank Savings (formerly Premiere Development Bank which Security Bank acquired in February 2012).

Total assets at the end of the year stood at P259.5 billion, 21 percent higher year-on-year. Return on assets stood at 3.3 percent. Doris C. Dumlao

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , net profit , security bank corp.

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • DOH asks co-passengers of OFW carrier to test for MERS-CoV
  • ‘Shouldn’t we move?’ Ferry evacuation under scrutiny
  • 5.5-magnitude quake hits Sultan Kudarat
  • Passengers denied chance to escape sinking South Korea ferry
  • Firetruck rams California eatery; 15 injured
  • Sports

  • PH youth boxers off to stumbling start in AIBA World tilt
  • Durant has 42, Thunder beat Pistons 112-111
  • Walker leads Bobcats over Bulls in OT, 91-86
  • Man City slips further out of title contention
  • Federer would skip tennis to be with wife, newborn
  • Lifestyle

  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Moist, extra-tender blueberry muffins
  • Entertainment

  • Will Arnett files for divorce from Amy Poehler
  • American rapper cuts own penis, jumps off building
  • Jay Z to bring Made in America music fest to LA
  • Why Lucky has not bought an engagement ring for Angel
  • Derek more private with new girlfriend
  • Business

  • Asia stocks fail to match Wall Street gains
  • Fired Yahoo exec gets $58M for 15 months of work
  • PH presses bid to keep rice import controls
  • PSEi continues to gain
  • Number of retrenched workers rose by 42% in ’13
  • Technology

  • DOF: Tagaytay, QC best at handling funds
  • Smart phone apps and sites perfect for the Holy Week
  • Tech company: Change passwords or suffer ‘Heartbleed’
  • Filling the digital talent gap
  • SSS to shut down website for Holy Week
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Syria most dangerous country for journalists, PH 3rd—watchdog
  • Japan says visa-free entry still a plan
  • First Fil-Am elected to Sierra Madre, Calif. city council
  • UC Irvine cultural night to dramatize clash of values in immigrant family
  • Filipino sweets and info served at UC Berkeley Spring Fest
  • Marketplace