Security Bank 2007 net income up 42%

Security Bank on Thursday disclosed that its net income grew 42.4 percent to P2.7 billion in 2007. "This... is consistent with the sustainable 57-percent compound annual growth rate in net income over the past three years," the bank said in a statement to the Philippine Stock Exchange. Security Bank added that its loan portfolio jumped 55 percent to P52.01 billion as of the end of 2007. Other income also posted a 32.9-percent improvement to P3.4 billion. Growth of its expenses, on the other hand, was tempered at 3-percent to P3.3 billion. - GMANews.TV