MANILA, May 7 (PNA) — Publicly-listed Security Bank Corp. booked a whopping 135-percent surge in profit in the first quarter of 2015, boosted by higher loans and deposits growth.
In a disclosure to the Philippine Stock Exchange, Security Bank said its net income reached Php3.36 billion in January to March from Php1.43 billion during the same period last year.
Security Bank posted healthy growth in core business, with loan growth of 20 percent year-on-year to Php199 billion and deposit growth of 17 percent year-on-year to Php247 billion.
Non-interest income increased more than three times to Php3.4 billion, which included extraordinary trading gain of Php2.1 billion from sale of investment securities.
Core revenues -– comprising of net interest income, fee-based income and trading gain attributable to customer flows -– grew by nine percent year-on-year to Php3.6 billion.
Asset quality remained healthy, with the net non-performing loan (NPL) ratio at 0.08 percent in first quarter of 2015, which is among the lowest in the banking industry.
NPL reserve cover was at 198 percent, which is among the highest in the industry.
Security Bank has a total network of 257 branches and 516 automated teller machines (ATMs) as of March 31, 2015.
The integration of the 39 branches of thrift bank subsidiary Security Bank Savings into the branch network of Security Bank was successfully completed in March 2015, after receipt of regulatory approval in January 2015.
These branches now offer the full universal bank product range to wholesale and retail clients.
Security Bank launched the bancassurance product in partnership with FWD Life in February 2015. (PNA)