MANILA, Philippines - UCPB Savings Bank has reported a 58-percent increase in its net income in the first three months of 2013 to P106 million from the P67-million net earnings in the same period last year.
UCPB Savings, the thrift bank arm of United Coconut Planters Bank (UCPB), is the product of the merger of four thrift banks in 1989 and the acquisition of UCPB Rural Bank in 2005.
“Return on equity rose to 17.77 percent in the first three months of 2013 from just 13.14 percent in the same period last year,†Joseph C. Justiniano, UCPB Savings president and chief executive officer, said.
Interest income went up 30 percent on strong loan growth, which grew by 36 percent.
Commercial loans grew 57 percent to P2.9 billion while personal and salary loans expanded 68 percent to P1.5 billion.
Mortgage loans rose 38 percent to P836 million.