MANILA, Philippines - The United Coconut Planters Bank (UCPB) has reported a 238-percent increase in net income to P1.14 billion for the first six months of 2010.
Total loans grew by 18 percent to P49.87 billion during the period with consumer loans growing faster at 57 percent as the bank gave more focus to the business to improve its spreads and diversify its risk profile.
Deposits rose by 11 percent to P133.98 billion, with low-cost current account and savings account from retail and corporate clients expanding at a much higher rate of 16 percent.
Non-interest income grew by 38 percent to P988 million as the bank continued to capitalize on trading gains as global markets recover and to focus on enhancing its fee-based income.
The bank’s subsidiaries, UCPB Savings Bank, UCPB Leasing and Finance Corp. and UCPB Securities, also made marked contributions to the first half results. They posted combined earnings of P154 million, up 17 percent from last year.
Total assets increased by 11 percent to P164.80 billion from P148.64 billion.