Friday, 14 May 2010

More companies report Q1 profit: Security Bank, PNB, Megaworld

Security Bank reports P930-million net profit, 20% RoE in first quarter
Manila Bulletin

Security Bank Corporation recently disclosed a first quarter net income attributable to equity holders of P930.5 million, a 24 percent increase over the figure reported for the 1st quarter of 2009. The performance equates to an annualized return on equity (RoE) of 20.1 percent, underscoring its consistency in achieving superior returns to shareholder in the banking industry.

The bank’s asset base stood at P143.6 billion, a P3.5 billion growth from end of March 2009 numbers. Loans were reported at P65.2 billion and comprised 45.4 percent of total assets notwithstanding a slight dip from the P66.6 billion reported a year earlier.

Revenues recorded for the quarter were at P2.2 billion, driven by P1.5 billion in net interest income which was 7.0 percent or P98.4 million higher than the same period last year. Non-interest income stood at P725.1 million for the period, an improvement of P107.5 million or 17.4 percent driven by healthy growth in securities and foreign exchange gains which were up 19.8 percent.

Operating expenses, excluding provision for credit and impairment losses, amounted to P1.1 billion representing an increase of P49.7 million or 4.9 percent from the previous year. The modest increase in expenses coupled with the revenue performance translated to an exceptional cost to income ratio of 47.6 percent Security Bank President and Chief Executive Office Alberto S. Villarosa explained: “We have worked hard to build a sustainable revenue base from which we intend to continue leveraging on our strengths and increasing our relevance to our customers. With the strength of the additional capital we had put into the business last year, we are well positioned to seize further growth opportunities.”

Security Bank’s non-performing loans ratio of 1.5% for the period remains among the best in the industry.

The Bank had likewise set aside provisions of 303 percent cover for these non-performing loans.

In view of the earnings registered for the quarter coupled with the additional equity raised in 2009, the bank boasts of a fundamentally solid balance sheet as its Capital Adequacy Ratio was at 18.1% as of the first quarter of 2010.


PNB reports P889-million net income in Q1, up by 22%
Manila Bulletin

Philippine National Bank (PNB) reported a 22.1 percent growth in net income for the first quarter of 2010 to P889 million from the P728 million posted in the same period last year.

In a disclosure to the Philippine Stock Exchange, the bank said “a confluence of factors contributed to the growth in profitability” including lower cost of funds in tandem with a year-on-year increase in low-cost deposits.

Also contributing to profits were gains on trading and investment securities; and reduction in operating costs with efficiencies being realized out of investments in technology, reengineering of processes, and prudent risk management.

During the period, PNB was able to substantially reduce its operating expenses by 15.9 percent notwithstanding the incremental investments in branch rationalization and renovations, technology and staff development.

This was realized even as the bank continued to provide for impairment and credit losses amounting to P256 million consistent with its prudent risk management policies. Its cost efficiency ratio thus improved to 64.5 percent from 69.9 percent in the same period last year.

A more favorable funding mix also contributed to the profit growth in the first three months of 2010. The increased share of low cost deposits to total deposits and redemption in February 2009 of P3-billion Lower Tier 2 Notes issued in February 2004 reduced funding costs.

PNB’s consolidated resources based on financial statements consistent with Regulatory Accounting Policies closed at a solid level of P283.3 billion as of end March 2010, slightly lower than P284.5 billion as of year-end 2009.

This was mainly due to the slight dip in outstanding loans and receivables by 1.2 percent following the scheduled paydowns by large borrowers during the first quarter of 2010.

Total deposits reached P209.1 billion with low cost deposits growing by P1.5 billion during the first quarter of the year as a result of intensified marketing efforts.


Megaworld profit rises 9% to P1.1 billion in Q1
Manila Bulletin

Property developer Megaworld Corporation reported a 9.2 percent improvement in consolidated net income during the first quarter of 2010 to P1.11 billion from P1.02 billion in the same period last year.

The firm said in a disclosure to the Philippine Stock Exchange that consolidated total revenues gained 6.15 percent from P4.38 billion to P4.65 billion due to strong property sales and increased leasing income.

Revenues are composed of real estate sales, rental income, hotel income, interest income, dividend income and other revenues.

The bulk of generated consolidated revenues came from the sale of residential lots and condominium units at 66.82 percent of the total, amounting to P3.11 billion for the first quarter of 2010 compared to P3.01 billion for the same quarter of 2009, an increase of 3.3 percent.

Rental income contributed 12.82 percent to the consolidated revenue and rose 27.19 percent to P596.34 million compared to P468.86 million reflected in the same period last year. Contributing to the growth are the escalation and completion of additional leasing properties.

The Group’s hotel operations posted an amount of P55.27 million for the first quarter of 2010, an increase of 2.85 percent, from P53.74 million for the first quarter of 2009.

In general, the increase in cost and expenses by 5.23 percent from P3.36 billion for the first quarter of 2009 to P3.54 billion for the first quarter of 2010, was due mainly to increase in recognized real estate sales, as well as marketing and selling expenses particularly commission expenses resulting from aggressive marketing activities.

Income tax expense increased by 55.92 percent from P288.68 million to P450.09 billion for the first quarter of 2010 due to higher taxable income and tax effects of deductible temporary differences.

Operating expenses as a percentage of consolidated total revenues were 9.31 percent for the first quarter of 2010 and 8.22 percent for the first quarter of 2009, respectively. (JAL)

1 comment:

  1. I Sonia Singh having problem with PNB Net Banking, When I try to transfer money from my saving PNB to SBI bank through net banking , most of the times it gets reverted back to my PNB account. This has happened to me more than 5 times. They also deduct 5 rupees for each transaction even if the money is not transferred to the SBI bank account. I have contacted to the PNB customer care at, my branch manager, and even submit complaint at Consumer Court but they don’t reply at all, I know the problem is with PNB side only because if I try to transfer money from another bank to SBI it gets transferred properly.
    Sometimes its really urgent and the money gets reverted back and I have to pay 5 Rs. for each transaction even if it is not successful. If any one have any idea or faced such issue in past or facing such issue please contact me at