The Asian Banker names Security Bank as the Strongest Bank in the Philippines in 2020
RANKING 1st in the Philippines and among the strongest in the Asia Pacific region, premier financial magazine The Asian Banker recently awarded Security Bank in a virtual ceremony last February 25 as the Philippines’ Strongest Bank in 2020 in its recently published Top 500 Strongest Banks Rankings.
Security Bank landed the number one spot after passing The Asian Banker’s rigorous assessment which used a detailed and transparent scorecard that covers six areas of balance sheet performance: the ability to scale, balance sheet growth, risk profile, profitability, asset quality and liquidity.
The financial magazine’s assessment included banks and financial holding companies that are active in commercial and transaction banking. The results incorporated the latest 2020 financial information during the course of the pandemic. As such, the 2020 ranking reflects the impact of the pandemic on the performance of banks as it unfolded through the year.
“2020 was one of the toughest years for multiple sectors globally, most especially the banking industry. We take this recognition as an endorsement of Security Bank’s strength to deliver on its Betterbanking promise. As we do our part in cushioning the pandemic’s impact towards the economy, we will continue to fulfill our commitment to enrich lives, empower businesses, and build communities through financial excellence,” says Sanjiv Vohra, President and CEO of Security Bank.
According to The Asian Banker, Security Bank "outperformed its peers in the Philippines in profitability with the strongest profit growth, the lowest cost to income ratio and the best non-interest income to total operating income ratio. Its liquidity position was also strengthened. Meanwhile, its asset quality remained relatively sound.”
The Asian Banker’s strongest banks ranking is widely followed by investors, analysts and the media as the leading source to assess the financial strength of commercial
banks in the region. It gives a bird’s eye view of the institutions’ balance sheet growth and profitability amidst unforeseen economic conditions. The strength rankings are also used for augmenting assessment criteria for counterparty and balance sheet risks.
The Asian Banker is the leading provider of strategic intelligence and builder of platforms in the financial services industry. It has been publishing the annual ranking based on balance sheet strength since 2007.
Security Bank is the eighth largest private domestic universal bank in the Philippines by total assets (at Php 650.8 billion) as of September 30, 2020. The Bank has been operating for 69 years since it was established in 1951. Security Bank has a total of 313 branches and 787 ATMS to-date.
Security Bank’s major citations in 2020 are: Best Bank in the Philippines for 2020 by The Lafferty Group (The Statement Magazine); and Best Retail Bank in the Philippines in 2020 by Alpha Southeast Asia.
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WHEN buying a property, it is prudent to heed the saying of American humorist and writer Mark Twain—“buy land, they’re not making it anymore.”
Moving forward, owning a home motivates family members to work harder to maintain it for the long haul. Nevertheless, the process of owning a home is not a walk in the park, starting from finding the right property and securing a unit, to filing documents and making sure you have adequate financial resources to pay for it—the steps you need to go through can make you secondguess your decision to buy a home.
Nevertheless, Century Properties wants to tell the public it does not have to be ponderous when you are buying a home.
If one is interested in buying
their dream Century Properties home, a prospective buyer can do it in eight steps which include a few other must-dos. It is going to be a hassle free experience as the company’s property specialist or sales agent is always there to lend a helping hand in every step of the way. You can get the keys to your space and be on your way to living your best life yet.
Take note of these key processes:
Step 1: Reserve and hold your unit
You can do this online then assess the payment term that works best for you.
Step 2: Booking
This involves generating the documents you need and submitting these together with one proof of income.
Step 3: Contract signing and authentication
Take note that there are three ways of authenticating your Contract to sell (CTS) depending on where you are—notarization, consularization and apostille.
Step 4: Down payment and bank loan application
PAY your down payment or equity as indicated in your payment schedule. Payment period is different for ready-for-occupancy and preselling units.
Step 5: Bank loan approval
sign your bank home loan documents and pay your bank fees.
Step 6: Loan release
once the bank releases the payment to Century Properties, your account will be qualified to the most exciting step.
Step 7: Turnover and move in
Your account will be endorsed to the Turnover group (Tog). Make sure you accomplish unit inspection and punch listing.
Step 8: Title transfer
The last step is important as it involves the processing of the title under your name and tax declaration.
Just like other businesses, Century Properties experienced a rough sailing in 2020. Nevertheless, it was able to overcome the challenges by quickly addressing the roadblocks set by the times. From ensuring the safety of its employees and workers, to further boosting its digital efforts to keep homeowners informed, the company continued to be of service—delivering on its commitment of building life-enhancing properties and helping clients own a home.
During the lockdown period, Century Properties implemented the steps to ensure its frontliners from the concierge and security staff, to the engineering, property management officers, and housekeeping teams—continued to report to duty despite the trying times, making certain that each property is running smoothly.
Furthermore, Century Properties scaled up its digital efforts to enable clients they can still find the home of their dreams in these times. It also enhanced its web sites to include virtual tours—allowing potential homeowners to view the properties without having to go to the location.