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Security Bank posts record high income figures in 2015

Security Bank Corporation registered high net income of P7.7 billion last year.

This was seven percent higher than the bank’s figures in 2014 translating to 15.2 percent return on shareholders’ equity for the year, higher than the regulator’s required minimum of 10 percent.

Security Bank President and Chief Executive Officer Mr. Alfonso L. Salcedo, Jr., in a statement, said the 2015 results exceeded their expectations.

Customer loans grew at rates significantly above industry with no deterioration in the net non-performing loan (NPL) ratio. Likewise, deposits outpaced industry growth. Core revenues are growing robustly, with the increase progressively making up for lower trading gains. Our three core businesses, wholesale banking, retail banking, and financial markets/treasury, all contributed to produce record net profits this year,” he added.

Loans increased 24 percent year-on-year to P240 billion while deposits grew 17 percent to P290 billion.

Key consumer loan portfolios composed of home and auto loans and credit card receivables rose by 67 percent while corporate or commercial loans posted an increase of 21 percent.”

Total assets grew by 34 percent year-on-year at P532 billion maintaining a healthy asset quality with net non-performing loan ratio at only 0.14%, lower than the 0.28% in 2014.

Net interest income also grew by 11 percent to P12.4 billion with net interest margin at 3.3 percent.

Total non-interest income was P6.5 billion, 16 percent higher than that in 2014.

This growth was driven by a 38 percent increase in fee-based income with solid contribution from retail banking services such as bancassurance, credit cards and deposit transactions, as well as from asset management,” he said.

The Bank however posted lower gain on sale of securities with only P2 billion in 2015 compared to P3.1 billion posted in 2014.

Core revenues, which comprise net interest income, fee-based income and trading gains attributable to customer flows, grew by 15 percent at P15.6 billion.

Salcedo announced that they have introduced two new products in line with the Bank’s BetterBanking promise, which includes the Security Bank Mastercard Complete Cashback credit card and the All-Access Account.

Security Bank currently has 262 branches and 555 automated teller machines (ATMs) nationwide./PR

TAGS: Banking, financial report, interest rate, net income, net revenues, profit, Security Bank
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