UCPB posts 22% profit hike to P3.73 B

MANILA, Philippines - United Coconut Planters Bank (UCPB) posted a 22 percent increase in its net income to P3.73 billion last year from P3.06 billion in 2011 on the back of continued loan growth and higher trading and securities earnings.

The 2012 income was way above its target of P3.6 billion for the year, a top bank executive said.

UCPB executive vice president and CFO Cesar Rubio told The STAR that they were projecting a 20 percent jump in earnings for 2012, higher than P3.05 billion in 2011.

In a statement, UCPB said its total loans for 2012 went up 24 percent to P87.72 billion from P70.52 billion in 2011. The consumer portfolio grew at a fast pace of 33 percent. 

Corporate accounts make up 45 percent of the loan portfolio.

Non-interest income soared 47 percent or P3.1 billion from just P2.1 billion from a year ago due to higher trading gains on securities as well as better fee based income.

ATM transactions are increasing as evidenced by a 20 percent growth from the previous year.

The growth in fees will continue to be robust because of the introduction of products such as UCPB Connect, an online facility meant to provide banking flexibility and convenience to clients.

This advanced banking system includes a mobile banking component which allows users to access their bank statements and pay bills through mobile devices.

The bank ended the year with total assets of P218.72 billion, up nine percent, on the back of sound financial fundamentals and knowledge of the current market conditions. Total capital stood at P20.27 billion, increasing 15 percent.

UCPB president and chief executive officer Jeronimo U. Kilayko said: “In spite of 2012 being a demanding year both strategically and financially, we at UCPB are satisfied to have achieved the results amidst these trials and challenges.”

“We are definitely looking forward to this year, being our 50th anniversary, and revisiting the basic fundamentals that have made us a reliable banking partner for our target market,” he said.

Established in 1963, UCPB was the first private Philippine bank to become a universal bank, obtaining its expanded commercial banking license in 1981.

At present, the bank has 188 branches and over 200 ATMs nationwide.