Security Bank assets up 32 percent

MANILA, Philippines - Security Banking Corp. has reported an increase in total assets by 32 percent to P482 billion. The return on assets was 1.9 percent. Core revenues, which comprise net interest income, fee-based income, and trading gain attributable to customer flows, grew by 13 percent to P11.5 billion. Loan portfolio increased by 20-percent year-on-year to P217 billion and deposits growing by 19 percent to P275 billion. Its loan-to-deposit ratio was 79 percent. Corporate and commercial loans, meanwhile, grew 15 percent and consumer loans rose by 81 percent. Net interest income in nine months increased seven percent to P9 billion. Overall net interest margin was maintained at 3.2 percent during the period. Fee-based income increased by 48-percent year-on-year to P1.8 billion with contribution from bancassurance. The investment securities at amortized cost portfolio were pegged at P176 billion end September. Overall trading gain was P2.9 billion, and net income at P6.1 billion in net income.