UCPB income in positive territory

MANILA, Philippines - The United Coconut Planters Bank (UCPB) has recorded an unaudited net income of P1.46 billion last year, or a full recovery from the P1.67-billion net loss in 2008, as revenues surged on higher deposits, loans and investments, and a huge gain from trading operations.

Revenues jumped 36 percent last year to P8.77 billion from P6.43 billion in the preceding year with both non-interest income and interest income registering double-digit growths.

Non-interest income rose by 47 percent to P1.68 billion from P1.14 billion on account of a sharp increase in trading and securities gain.

Interest income also went up by 47 percent to P6.79 billion from P4.62 billion driven by the robust growth of investments and loans.

Investments in government securities and liquid assets ballooned to P42.86 billion from P17.84 billion, and expanded the size of its loan portfolio by 16 percent to P41.34 billion from P35.54 billion as more deposits poured in.

UCPB’s total deposits reached a record P133.68 billion in 2009, up by 40 percent from P95.78 billion a year ago. Of the total, more than three-fourths were non-government deposits, which increased by 15 percent, from P89.78 billion to P103.68 billion during the year. Government deposits, which also increased five times, made up the remaining one-fourth.

Total assets expanded to P170.24 billion, up by 42 percent from P120.11 billion a year ago, and with total capital of P13.43 billion, three times the P4.46 billion in 2008.   – Ted Torres