EARNINGS: 2010 Security Bank net profit up 134%

Security Bank Corp. on Monday reported that its bottom line totaled P7.2 billion last year, up 134 percent from 2009. The bank said its sales went up to P12.9 billion last year, or 63 percent higher than its revenue recorded in 2009. Security Bank president and chief executive officer Alberto Villarosa said in a statement that the bank "surpassed its targets" last year, fueled by the favorable environment that "led to our recognizing the opportunities" in the peso and dollar bond markets. Villarosa likewise said that he is pleased with the improvements in the bank's non-interest-income components and its ability to preserve net interest margins amid the rather challenging loan pricing prevalent last year. The bank said its non-performing loan ratio and capital adequacy ratio stood at 1.09 and 21.8 percent, respectively, during the end of 2010. — JE, GMA News