Security Bank honored anew

MANILA, Philippines - Security Bank Corp. was named “2013 Best Domestic Bank in the Philippines” in Asiamoney’s Annual Best Domestic Bank Awards. Last year, the bank’s net income reached P7.5 billion, up 12 percent; customer loans grew 30 percent to P119.6 billion; and cost-to-income ratio of 43 percent. The highlight is its return-on-equity (RoE) with 22 percent. “All of Security Bank’s key financial indicators are better than the industry; it has a high RoE, a good cost-to-income ratio of around 50 percent and a strong capital base,” said Jody Santiago, head of equity research for the Philippines of the Union Bank of Switzerland.