MANILA, Philippines - The United Coconut Planters Bank (UCPB) earned P912 million in the third quarter to jack up its total profits in the first three quarters of the year to P2.25 billion, or 20 percent higher than the P1.88 billion in the same period last year.
UCPB executive vice president and chief finance officer Cesar Rubio said that with still a full quarter to go, the bank expects to surpass by double-digit its P2.4-billion full-year income in 2010.
“The robust expansion of the loan portfolio and the strong performance of the subsidiaries in the nine months to September boosted the bank’s earnings during the period,” Rubio said.
Earnings from loans jumped 20 percent as the bank expanded its portfolio by 18 percent to P51.67 billion at the end of the third quarter of 2011, from P43.93 billion a year ago, on the back of sustained deposit growth.
UCPB took advantage of the continued strong demand for end-user financing for mid-range residential homes and passenger cars in Metro Manila and key cities in the provinces to increase consumer loans by 34 percent, from P10.44 billion to P13.99 billion.
Commercial loans registered hefty growth as well, rising 13 percent from P33.46 billion to P37.71 billion on account mainly of new clients.
Deposits rose nearly P10 billion to P146.38 billion from P136.55 billion. More than two-thirds of the incremental deposits generated during the period were low-cost current account and savings account.
The commercial bank’s subsidiaries also increased their contributions, posting combined earnings of P308.42 million in the first three quarters of the year, higher than the P287.32 million in the same period last year.
The bank’s main subsidiaries are UCPB Savings Bank, UCPB Finance and Leasing Corp. and UCPB Securities.