7.7-B profit

year. This growth was driven by a 38 percent increase in fee-based income with solid contribution from retail banking services such as bancassurance, credit cards and deposit transactions, as well as from asset management.

The Bank earned 2 billion in gain on sale of securities, which is lower than the 3.1 billion posted in 2014.

Core revenues – which comprise net interest income, fee-based income and trading gains attributable to customer flows – grew 15 percent to 15.6 billion.

Total assets jumped 34 percent yearon-year to 532 billion. Asset quality remained healthy, with net non-performing loan (NPL) ratio at 0.14 percent, lower than the 0.28 percent in 2014.

Net NPL ratio of 0.14 percent continues to be among the lowest in the Philippine banking industry. NPL reserve cover stood at 205 percent, among the highest in the industry.

Security Bank President Alfonso L. Salcedo Jr. said "2015 results exceeded our expectations. Customer loans grew at rates significantly above industry with no deterioration in the net NPL ratio. Likewise, deposits outpaced industry growth.”

He also noted that “core revenues are growing robustly, with the increase progressively making up for lower trading gains. Our three core businesses – Wholesale Banking, Retail Banking, and Financial Markets/Treasury – all contributed to produce record net profits this year.”

"Shareholders' capital increased 14 percent to 53.2 billion from retained earnings. Our Basel III capital adequacy ratios are healthy, with Common Equity Tier 1 (CET 1) at 12.2 percent and Total CAR at 15.2 percent, which are well above the regulator's required minimum of 8.5 percent and 10 percent, respectively," said Security Bank chief financial officer Joselito E. Mape.