CEBU, Philippines - The United Coconut Planters Bank (UCPB) is confident on achieving its net income target of P3.6 billion this year with the creation of more technology-driven products and expansion of its loan portfolio, remittance business, fee income and branch network.
UCPB already registered 22 percent increase in net income to P1.64 billion in the first semester thanks to double digit earnings from loan portfolio and securities trading.
The bank also secured the Securities and Exchange Commission (SEC) approval for its amended Articles of Incorporation extending the bank’s corporate term for another 55 years until 2063.
This translates to a renewed mandate for the bank enabling the implementation of its growth path towards profitability and continuing service to valued clients.
“With the renewed mandate, we can now pursue our growth plans for the future with much vigor and continue serving those who have bestowed their trust to us — our valued clients,” said UCPB president and chief executive officer Jeronimo U. Kilayco.
“In the past, UCPB made significant strides amid the many challenges. As we face another 50 years, I am confident that we will succeed given your perseverance, hard work and commitment. We have bright prospects ahead of us. Together, let us seize this opportunity and prove once again that we are, indeed, one of the best in the industry,” added Kilayko.
He said that with the extension of the bank’s corporate life now certain, it can sustain its growth momentum towards becoming a bigger and stronger financial institution.
In 2011, UCPB’s unaudited net income reached P3.06 billion, up by 25 percent mainly derived from loans, checking account and savings account (CASA), treasury trading, real and other properties owned and acquired (ROPOA) disposal.
UCPB stated that the extension of the corporate life would redound to the benefit of the government with UCPB committed to implement the repayment of bank’s obligations to the government.
The bank is assured of continuing one of its primary mandates to improve the lives of Filipinos in the countryside who most need financial services and assistance, according to UCPB.
Likewise, the bank has a long history of leadership after its establishment in 1963 and its becoming the first private local bank to become a universal bank and obtaining its expanded commercial banking license in 1981.
During the first semester this year, net income of the bank improved by 22 percent compared to year-ago level, mainly attributed to the double digit earnings from loan portfolio and securities trading.
Total loans registered 20 percent increase to P77 billion with accounts from corporate improving by 17 percent and from consumer up by 35 percent.
Total assets of UCPB as of end-June this year amounted to P211.80 billion showing increase of 15 percent, and with total capital at P18.58 billion increasing by 19 percent. The bank registered consolidated capital adequacy ratio of 12 percent during the period. — (FREEMAN)