MANILA — Despite the downturn in treasury earnings for the banking industry on the first half of 2014, Security Bank grew its net profit by 43 percent to P7.2 billion.
In a press statement, Security Bank, one of the few banks able to post higher earnings, said that an equity return of 16.3 percent was translated from its full-year performance.
The bank’s loan book expanded by 17 percent to P194 billion and its net interest earnings grew by 33 percent to P11.2 billion
As the bank launched more aggressive programs for its retail banking, a jump on its deposits was recorded rising up to 20 percent year-on-year to P247 billion.
“We are extremely delighted with the bank’s 2014 business results. All in, the bank turned in a solid and well-orchestrated, balanced performance: earnings results and return on shareholders’ equity remain among the industry’s highest; our balance sheet is even healthier, attributable mainly to asset quality and proven capital strength; and, most importantly, our core businesses have outperformed themselves in demonstrating growth in their respective franchises. Wholesale Bank continues to grow robustly in terms of deposits, loans, and earnings while our retail bank is well on track in its strategic direction towards becoming a significant contributor to the bank’s businesses,” Security Bank president Alberto Villarosa said in a press statement.
Towards the end of 2014, the bank’s total assets increased by 14 percent to P397 billion while its shareholder’s capital expanded to P47 billion.