Commercial bank Security Bank Corp. doubled its net profit in the first half of the year on the back of sustained growth in its core businesses, bucking an industry-wide lack of trading gains.
In a statement, Security Bank said its net income for the first six months surged 115 percent to P3.614 billion in the six-month period from P1.7 billion a year earlier.
“All our business segments strongly contributed to the results, thanks to the healthy economy and our strong customer focus and business discipline,” said Security Bank President and Chief Executive Officer Alberto Villarosa.
Incorporated in 1951, Security Bank is a commercial bank primarily engaged in financial markets segment, corporate and investment banking segment as well as commercial and retail banking sector.
The bank’s core revenues rose 31 percent year-on-year to P7 billion in the six-month period. Its revenue consists of net interest income, fee-based income and trading gains.
Net interest income registered a 46-percent increase to P5.8 billion from P4 billion, while fee-based income was recorded at P850 million and overall trading gains hit P1.66 billion.
Growth was across the board: loans portfolio was up 30 percent at P173 billion; investment securities up 106 percent at P111 billion; deposits up 22 percent at P218 billion, which fueled the 31-percent jump in the bank’s total assets to P385 billion.
As of end-2013, Security Bank had 36 additional online branches, raising the network count to a total of 244 branches nationwide.
Kristyn Nika M. Lazo