Security Bank posts 34% growth in resources

MANILA, Philippines - Security Bank Corp. posted a 34 percent growth in total resources to P348 billion at the end of 2013 versus the prior year, the bank said in a statement to the Philippine stock exchange. 

Loans grew 38 percent to P165 billion while investment securities went up 30 percent to P83 billion by yearend. 

Asset quality remained healthy with a non-performing loan (NPL) ratio of 0.08 percent and NPL cover of 195 percent as of December 2013.

Total deposits increased 45 percent year-on-year to P206 billion, supported by the opening of 36 new branches in 2013, 34 of which were Security Bank branches and two branches were of thrift bank subsidiary Security Bank Savings (SBS). 

The Security Bank group had a total of 244 branches by end 2013-204 main branches and 40 SBS branches.  Over the past five years, the number of branches had more than doubled.

“Our core business remains strong and continues to grow alongside the buoyant Philippine economy.  We have made substantial investments in developing our retail bank and asset management business,” Security Bank president and chief executive officer Alberto Villarosa said.

“Our intent is to develop our retail business to become a meaningful pillar to complement our financial markets and wholesale businesses, as well as improve our ability to provide products and services that respond to our clients’ needs.”

The bank earned P5 billion in end-2013 compared to P7.5 billion in 2012.