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Security Bank, ANZ ink network extension deal

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SECURITY BANK Corp. (Security Bank) has collaborated with ANZ Bank in a network extension partnership (NEP) that aims to enhance the local lender’s banking services.

In a statement e-mailed to reporters on Wednesday, the listed lender said it has entered into NEP agreement with the foreign bank, which will enable ANZ to capitalize on Security Ban’s cash management products and services such as bills payment, check-cutting, government statutory payments, and payroll processing for its local and offshore corporate clients.

In turn, the local lender would leverage on ANZ’s global presence with multinational companies.

“Through our multi-awarded cash management products and services, we make banking as simple and convenient as possible without sacrificing security,” Security Bank Executive Vice-President and Transaction Banking Group Head Daniel U. Yu. “We are excited to be able to offer those products and services to ANZ”.

Security Bank’s net income reached P5.2 billion in the first half of the year, higher than the P4.9 billion recorded in the comparable period in 2016, fuelled by a double digit rise or 26% increase in its net interest income during the period.

Similarly, its second quarter bottom line soared 32% to P2.43 billion from the P1.85 billion registered in the same period a year ago after its net interest income grew 24% to P4.9 billion during the three month period end-June.

For the January to June period, the growth in its net interest income was on the back of a 27% increase in its total loan book to P340 billion from P268 billion booked in 2016 along with a 26% expansion in its net deposits to P380 billion from P301 billion previously.

To date, the total branch network of the bank is at 296 while it has a total of 667 automated teller machines. — J.M.D. Soliman

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