Security Bank reported double-digit growth in net income for the first quarter of 2014 on the back of a jump in net interest income.
The increase supported the bank’s move to complement its corporate and commercial strength with comprehensive retail services, it said.
Net income for the three-month period rose 17 percent year-on-year to P1.43 billion, driven by 42-percent growth in net interest income. The bank delivered return on shareholders’ equity of 13.8 percent.
“We continue to grow our core business and expand our balance sheet profitably. To complement our strengths in the corporate, commercial and financial market businesses, we have accelerated the journey toward a comprehensive retail bank transformation, which we started in 2012, to make banking easier and better for our customers,” said Security Bank President and Chief Executive Officer Alberto Villarosa.
The bank’s total resources expanded 46 percent year-on-year to P377 billion as of end-March.
Loan portfolio stood at P166 billion after a 39 percent year-on-year rise. Deposits jumped 49 percent to P211 billion. Capital grew 11 percent to P42 billion as of end-March.
The bank said it has received central bank approval for its regular semestral cash dividend of P0.50 per share and special cash dividend of P0.50 per share, which were declared by the board on March 25.
The record date for the P1.00 per share cash dividend is May 7, with June 2 as payment date.
In 2013, Security bank earned P5 billion in net income, with return on shareholders’ equity at 13 percent.