Saturday, November 25, 2006 Bank reports hike in Pinoys’ savings
Despite the absence of significant change in the way Filipinos manage their finances, the country’s savings rate has “moved up” to as much as 20 percent, according to an official of a private domestic universal bank.
“There’s not much difference. But slowly there’s an increase in per capita income among households that allows them to save,” said Security Bank Corp. (SBC) president and chief executive officer Alberto Villarosa.
Villarosa said Cebu’s “bullish” business conditions, and increasing consumer income and spending enabled the bank to further strengthen its base in the province.
Security Bank opened its third branch in Cebu, located at the Cebu Business Park.
Strategic
The bank’s strategic location is expected to bring in more traffic, Villarosa told reporters during a press conference yesterday at the Cebu Parklane International Hotel.
“Moving the branch to this strategic location is crucial for capturing the local business community. The development in consumer banking here will only be marked by rapid growth in the years ahead,” Joven Hernandez, SBC senior vice president for consumer banking group, said.
SBC’s third branch is a “show of commitment” to its shareholders and customers, SBC chief financial officer Carlos Borromeo said.
The branch is meant to cater to the middle-income market and Filipino-Chinese community — SBC’s niche, Villarosa said.
SBC reported a net income of P1.35 billion during the first nine months of this year, which is 51 percent higher than the P897 million earnings for the same period in 2005.
An SBC document said that for the same period this year, the bank’s deposit base rose to 10 percent from the P62 billion in 2005 to P68 billion this year.
Villarosa attributed the growth to strong corporate and consumer banking and the significant expansion of the bank’s deposit and investor base.
Villarosa said the bank plans to expand in northern Cebu. (MMM)
