Security Bank net income at all-time high of P7.5B in 2012

Security Bank Corp. posted a record-high net income of P7.5 billion in 2012, the bank said in a statement to the Philippine Stock Exchange on Monday. "The bank's business volumes increased with customer loans growing by 30 percent to P119.7 billion, deposits increasing by 19 percent to P142.4 billion, and total assets expanding by 21 percent to P259.3 billion," Security Bank said. Return on equity also improved by 22 percent. "Total operating income was at an all-time high of P14 billion for a 20-percent increase while operating expenses including provisions for credit losses and impairments was P6 billion, up by 40 percent from 2011 as the bank continued investing in its branch expansion. The cost-to-income ratio was 43 percent," the bank added. In 2012, the bank added 72 branches for a total of 208 branches nationwide and 279 automated teller machines. As of year-end 2012, Security Bank had 170 branches, while subsidiary Security Bank Savings had 38 branches.— BM, GMA News