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Security Bank Corporation (PSE:SECB) September 2008 year-to-date results continue to reflect a solid return on equity of 19.3%.
Amidst the turbulence in the global financial markets, Security Bank sustained exemplary shareholder value with its September year-to-date results registering a net income of PhP 1.72 billion, 6% lower than the comparative period last year.
Security Bank Corporation President and Chief Executive Officer, Mr. Alberto S. Villarosa remarked on the third quarter 2008 results: “This has certainly been a very challenging period for businesses across the board. We are nevertheless pleased that the efforts we exerted in building core revenues and other income streams have helped in softening the adverse impact on securities markets brought about the global financial turmoil that began in the US and Europe.”
Mr. Carlos M. Borromeo, Security Bank Corporation Chief Financial Officer, discussed the bank’s balance sheet against the backdrop of its net income performance: “Our balance sheet growth was largely driven by a noteworthy 18% growth in our loan portfolio to close the period at PhP61.6B despite of the current economic environment.”
Security Bank’s year balance sheet at end September 2008 stood at PhP 143.8 billion, 12% higher than the PhP 128.6 billion recorded at end December 2007. The growth in the balance sheet along with the increased allocation towards lending, which now accounts for 43% of the bank’s total assets, was accomplished while further improving asset quality as its non-performing loans ratio is pegged at 1.3% from the 2007 year-end level of 2.6%. NPL cover likewise grew even stronger at 266% versus the 181% reflected at the end of last year. Security Bank’s capital adequacy remains quite strong at 13.7%, providing a healthy cushion over the regulatory minimum of 10%
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