EARNINGS: Security Bank earns P1 billion in Q1

Security Bank Corp. on Thursday said its net income rose by a single digit during the first quarter. The bank, whose shares are listed in the stock market, told the Philippine Stock Exchange that its earnings in the January-March period grew 8.5 percent to P1.01 billion. Its assets also improved 27.8 percent to P183.5 billion, while deposits reached P106.1 billion — up 9.4 percent from P96.9 billion a year earlier. "With the exceptional profitability reported for 2010 and the profit performance recorded for the first quarter [of 2011], the bank's capital level stood at P26.4 billion, a 34.4-percent increase over the same period in 2010," the lender said. Net interest income jumped 9.5 percent to P1.6 billion owing to the "robust growth in the bank's lending portfolio." Non-interest income, on the other hand, was lower at P452 million. Operating expenses were kept at P977.8 million, down 7-percent from the same three-month period last year. — CMA/VS, GMA News