Security Bank net income goes down

SECURITY Bank Corp. said on Wednesday that its net profit fell by 7 percent to P6.7 billion last year from P7.2 billion in 2010.

“We clearly surpassed our targets for the year, aided by a bullishness that is evident in the renewed investor confidence in the country with unprecedented loan growth not only for our bank but also for the rest of the country,” Alberto Villarosa, Security Bank president said in a statement.

He also said that last year’s performance was enhanced by a favorable emerging bonk market as it benefited the bank’s efforts at managing the interest rate and duration profile of its investment portfolio.

“We attributed our outstanding accomplishments to the continued trust, support and confidence of our customers and business partners and to the commitment, dedication and execution skills of our management and staff,” Villarosa added.

Net interest income grew by 24 percent to P7.5 billion on the back of growth from loans and investments.

The bank said this was coupled by service charges and foreign exchange income which grew by 11 percent to P171.3 million, compensating for lower trading gains.

Total assets expanded by 30 percent to P215 billion, with the loan portfolio reflecting a 24 percent increase to P92 billion as of year- end, boosted by credit demand in the top corporate and middle market segments.

Asset quality remains healthy with non-performing loan ratio of less than 1 percent and a reserve cover of 308 percent. The bank’s capital adequacy ratio of 20.3 percent demonstrates a capital base capable of supporting further expansion and growth.