Security Bank cited by Asiamoney

MANILA, Philippines - Asiamoney, a leading financial publication based in Hong Kong, has disclosed the results of the Asiamoney Poll 2010 naming Security Bank Corp. (SBC) among Asia’s Best Managed Companies across the region.

Security Bank was recognized as The Best Managed Company in the Philippines-Small Cap Corporate of the Year citing that the bank has edged-out rivals in delivering high returns of equity (ROE) and maintaining low non-performing loan (NPL) levels.

The award underscores Security Bank’s corporate leadership in the Philippine banking industry.

The report also cites, “For the first nine months, SBC disclosed a net income 51 percent higher than the same period in 2009, including 79 percent year-on-year growth in its non-interest income, to reflect an ROE of 23 percent.

Its ROE sat a smidgeon under 21 percent as of early December, according to Bloomberg data, which compares quite favorably to market leaders Banco de Oro’s 10.41 percent and Bank of the Philippine Islands’ 13.13 percent.

Small wonder that several analysts told Asiamoney that SBC is well known for delivering ROEs well above those of the big banks and generally outperforming them in efficiency ratios.”

Security Bank president and chief executive officer Alberto Villarosa noted that, “We are grateful for this recognition from Asiamoney and to be the only bank awardee cited in the Philippines. 2010 has been a banner year for SBC and this international recognition is another testament to our commitment to continue providing exceptional value to our customers and stakeholders. It is indeed a good head start as we celebrate our 60th or diamond anniversary this year.”

The Best Managed Company Awards are given by Asiamoney to the top small, medium and large cap companies in major countries across Asia where companies are measured against a list of criteria, including profitability, market leadership and innovation.

The other Philippine awardees are International Container Terminal Services Inc. (ICTSI) for medium cap and Aboitiz Power for large cap categories.

In the Asiamoney website, report indicates that “Each year we recognize the top small, medium and large cap companies in each major country, and signal out one outstanding executive. In the Philippines, Security Bank Corp. punches above its weight, ICTSI gains international attention, and Aboitiz Power and its CEO, impress.”

The official announcement of awardees is posted in Asiamoney’s website and published in its December 2010-January 2011 print edition. Awards gala dinner is slated next month in Hong Kong.