Security Bank posts P1.2B in Q1 earnings

Lender Security Bank Corp. on Tuesday said earnings rose 11 percent to P1.2 billion in the first quarter on the back of higher revenues from core services. Revenues increased 31 percent to P3.1 billion, boosted by the 230-percent rise in fees and other income generating core activities. Service charges, fees and commissions improved by 60 percent, driven by capital markets, stock brokerage, deposits and loan fees. Loans rose 21 percent to P119.2 billion, which were granted to various sectors such as power, utilities, infrastructure, wholesale and retail trade, food agriculture and consumer goods. Operating costs jumped 45 percent to P1.7 billion, reflecting the "impact of the 2012 branch network expansion." “Our  business results as well as the execution of our business expansion strategy are on track with our objectives," Alberto S. Villarosa, president and chief executive officer, noted in a disclosure to the Philippine Stock Exchange. — VS, GMA News