SECB Posts P5B Net

Fur full-year 2013, Security Bank Corp. (SECB) posted just Php5 billion in net profits, roughly 33% lower than the record Php7.5 billion posted in 2012 amid extraordinary trading gains.

The earnings in 2013 translated to a return on shareholders’ equity of 13%. According to SECB President Alberto Villarosa, the bank’s core business remained strong and continued to grow alongside the robust Philippine economy.

The bank was able to grow its loan portfolio by 38% to Php165 billion in 2013, while investment securities grew 30% to Php83 billion. Moreover, the bank’s balance sheet grew 34% in total resources to Php348 billion as of end 2013.

Last year, the Philippine Amusement and Gaming Corp. (Pagcor) remitted Php21.20 billion to government funds and other relevant socio-civic and community development projects.

According to Pagcor Chairman and CEO Cristino Naguiat. Jr., the figure is more than half of its Php40.52 billion gross income earned in 2013.

He added that this is the highest recorded remittance of Pagcor to nation-building in the past 28 years of its existence. The lion’s share of Pagcor’s contributions last year went to the National Treasury at Php13.10 billion, which was Php49.65 million higher than the 2012 government share of Php13.052 billion.

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