Security Bank named PH bank of the year

THE BANKER, a magazine published by the Financial Times of London, has bestowed on Security Bank Corp. the 2012 Bank of the Year Award for the Philippines.

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.

Being named “Bank of the Year” by The Banker Magazine is a testament to the strong management, sound business model and prudent risk approach of each chosen institution.

“We are honored to have been bestowed this prestigious award as it now places us among the world’s most elite financial institutions,” said Security Bank president and CEO Alberto Villarosa.

Security Bank posted a third-quarter income of P6.2 billion, up by 55 percent year-on-year.

In 2011, it earned P6.7 billion with a return on equity (ROE) of 25 percent, outpacing the industry average of 12.14 percent. Return on Asset (ROA) was 3.5 percent versus the industry average of 1.46 percent.

In bestowing the award to Security Bank, The Banker cited that, in the past year, Security Bank had emerged as a competitive player in the local banking and finance industry, following its acquisition of consumer and savings specialist Premiere Development Bank and a loan growth of 24 percent.