MANILA, Philippines - United Coconut Planters Bank (UCPB) posted an 18 percent increase in net income in the first quarter to P1.04 billion from P883.7 million in the same period last year.
In a statement, UCPB president and chief executive officer Jeronimo Kilayko said the growth in income was mainly driven by a 51 percent improvement in non-interest income.
Kilayko also noted a 70 percent increase in trading and securities gain from treasury activities to P 829.1 million.
Likewise, income from trust operations increased 42 percent to reach P 32.4 million.
Total loans increased 16 percent to P91.1 billion from the same period a year before, with consumer loans growing at a stronger pace of 30 percent as a result of the bank’s more aggressive stance towards marketing its consumer loan products.
“We have placed a great deal of focus on the needs of our customers and meticulously worked to provide them with a range of investment products tailored to their requirements,†Kilayko said.
“We believe that our close relationship with our customers allow us to customize and respond to their needs accordingly.â€
The bank’s revenue growth continues to outpace the slight increase in operating expense of P1.32 billion, a minimal increase of 4.6 percent over the first quarter of 2012.
The combined performance of revenue and operating expense components enabled a robust increase in net income.
“We are focusing on making sure that our relationship with our clients remain strong. As we celebrate our 50th anniversary this month, we want to concentrate our efforts in continuing this growth trend by focusing on our clients’ needs,†he said.