MANILA, Philippines - The United Coconut Planters Bank (UCPB) has posted an unaudited net income of P2.39 billion in 2010, surpassing its P2.2-billion target for the year, and exceeding the previous year’s P1.66-billion profit by 44 percent.
“Higher loan and investment volumes, better margins, hefty trading gains and lower fund cost propelled last year’s earnings growth,” UCPB executive vice president and chief finance officer Cesar Rubio said.
Loan portfolio expanded by 16 percent to P54.77 billion, while trading and investment securities by 14 percent to P50.07 billion. The volume expansion, along with the 11-percent improvement in margins, boosted the bank’s interest income by 15 percent, to P7.83 billion. Non-interest income went up by 32 percent to P2.22 billion, bolstered by substantial increase in trading gains.
Deposits grew by 16 percent to P148.57 billion. With two-thirds of the deposit growth coming in the form of low-cost current account and savings account, the bank was able to cut its interest expense.
Last year, the UCPB renovated 60 of its branches, increasing their market visibility and enhancing customer experience; relocated 18 others to more accessible locations with bigger markets; and opened five new ones, extending market presence to 183 locations.
UCPB ended the year with total assets of P178.13 billion, up by nine percent from P162.81 billion a year ago, and total capital of P14.30 billion, up 15 percent from P12.45 billion.