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SECURITY Bank Corp. (SBC) has widened its branch network in key
provincial areas to expand its deposit base and corporate lending
business.
In a statement, SBC said it put up five new
branches in commercial and industrial areas in the second quarter of
the year. These include branches in Mandaue City, Banilad in Cebu
City in the Visayas, Urdaneta and Laoag in North Luzon, and Velez in
Cagayan de Oro City in Mindanao.
The additional branches increased SBC’s
network to 119 nationwide. The lender plans to pen more branches in
the second half of the year.
The bulk of its loan portfolio at 60 percent
consists of corporate loans.
Carlos Borromeo, SBC chief financial officer,
earlier said the bank’s corporate lending is expected to grow 10
percent this year, or slower than the 42-percent expansion last
year. The lender expects credit demand from the mining, tourism,
property, energy and transportation sectors.
Besides the corporate market, the lender also
caters to the middle-income segment, which accounts for 32 percent
of its total loan portfolio. The bank’s consumer market, mainly
the credit-card business, accounted for another
18 percent.
The bank’s loan portfolio increased
significantly last year due to a low-interest rate environment. Its
total loans jumped by 55 percent to P52 billion on higher demand
from infrastructure, utilities and real-estate development.
Its assets expanded to P128.648 billion from
P122.480 billion in the previous year.
SBC’s net income for the first quarter grew by
10.3 percent to P835.7 million.
-- Maricel E. Burgonio
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