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Security Bank profit up 76%.
(From Philippine Daily Inquirer)
PUBLICLY listed Security Bank Corp., a medium-sized commercial bank controlled by businessman Frederick Dy, reported a 76-percent jump in earnings in the first half of this year to P475 million from P269 million in the same period last year.
"Security Bank's financial performance this year continues to be outstanding, with net income generated in the first six months of 2003 already at 94 percent of our full-year earnings in 2002," Security Bank president and chief executive Rafael Simpao Jr. said in a statement.
Simpao credited the bank's first-half performance to substantial trading gains, reduced operating expenses and efforts to generate new revenue streams.
The bank had focused on expanding business volumes through improved total customer relationship management and by maximizing product cross-sale opportunities.
The bank also continued rationalizing its ...
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