Security Bank President and Chief Executive Officer Alberto S. Villarosa commented that the core businesses delivered good returns due to the continued confidence of domestic and international investors in the Philippine economy as evidenced by their growing long-term commitments to key sectors in the country.
Security Bank's non-performing loans ration of 1.1% for the period remains to be among the best in the industry. NPL cover, meanwhile, was at 219% at the end of the period. The bank continues to maintain a fundamentally strong capital base with its capital adequacy ratio standing at 18.2% as of end June 2012.
Security Bank Chief Financial Officer Joselito Mape said the bank is in the initial stages of an investment phase with the expansion in its branch network and the acquisition of Security Bank Savings. Security Bank has opened 10 out of the planned 50 new restricted-area branches during the first half of the year.
In anticipation of an increase in credit demand, the Bank successfully concluded a P5 billion offering of seven-year, long-term negotiable certificated of deposit (LTNCD) to its retail and institutional clients in February 2012. A second tranche of LTNCD which was recently launched with a targeted deal size of at least P3 billion was oversubscribed prompting the Bank to upsize the issue to P5 billion and to shorten the offer period by one week. The second tranche was priced at 5.5% and will have a maturity of 7 years.
In 2012, Finance Asia has named the banks the country's "Best Mid-Cap Company". Asiamoney named Security Bank the "Best Domestic Debt House" in the Philippines in the Asiamoney Best Banks 2012 Awards. Security Bank was cited recently as the Best Banking Group in the Philippine at the World Finance Awards and was rated the "Best Bank" by Asian Banker for achieving the highest return on assets in Asia, as well as the third strongest bank in the Philippines. Last June 20, 2012, Security Bank received the "Best in Asia in Corporate Governance" award for the third straight year in the 8th Corporate Governance Asia Recognition Awards in Hong Kong.
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