Security Bank Corp. (SCB) reported a net income attributable to equity holders of P4.2 billion in the first nine months of 2013, while the return on shareholders’ equity was recorded at 14.5 percent.
SCB said that strong growth in low-cost deposits supported its total deposits to reach P184 billion, increasing by 33 percent year-on-year.
“The financial system was highly liquid with the release of special deposit accounts funds from the Bangko Sentral ng Pilipinas back to the banking sector,” it stated.
Loans grew by 34 percent year-on-year to P145 billion as funding various industries such as power, utilities, tollways and ports, as well as wholesale and retail trade, food and agriculture, consumer goods and other vital sectors of the economy.
Meanwhile, SBC’s total assets rose by 9 percent to P276 billion. It also reported that 11 Security Bank branches were opened during the third quarter of 2013, bringing Security Bank group’s network to 229 branches as of September.
“The bank is well positioned to support the long-term economic growth of our country. Our core revenues in the three-month period ending September 30, 2013, grew 13 percent year-on-year to P2.7 billion, and core revenues in the nine months period grew by 8 percent year-on-year to P8 billion,” said Alberto Villarosa, Security Bank president and chief executive officer.