SBC sees growth in retail banking

SECURITY Bank Corp. (SBC), during its annual stockholders’ meeting yesterday, informed its shareholders that it delivered sustained financial results in 2012 with an all-time high net income of P7.5 billion and industry-best return on shareholders’ equity of 22 percent and return on assets of 3.3%.

The bank also delivered on its growth objectives, highlighted by the 30% increase in its loan portfolio to P119.7 billion, out-pacing the banking industry’s 16% growth for the year.

In support to economic development, the bank’s loans went to critical sectors of the economy such as power, utilities, infrastructure, wholesale and retail trade, food, agriculture and consumer goods.

Supported by the expansion in the bank’s branch network, its deposits grew by 19% to P142.4 billion, faster than the banking industry’s 7% growth rate. The growth in business volumes resulted in the 21% growth of the bank’s total assets to P259.3 billion.

In his management report, Security Bank president and chief executive officer Alberto S. Villarosa highlighted the unprecedented 72-branch expansion of the Security Bank group in 2012, consisting of 34 new branches and 38 branches of Security Bank Savings, the former Premiere Development Bank which Security Bank acquired in February 2012.

As of 2012, the total branch network is pegged at 208 branches, up from 136 branches in 2011.

Villarosa said in his report, “We are strengthening and expanding our retail banking segment to make it another major business of the bank in the medium-term. On its first year of operation, Security Bank Savings, our thrift bank subsidiary, aligned its standards with those of parent Security Bank.”