UCPB thrift arm posts 12% income growth to P231M

MANILA, Philippines - UCPB Savings Bank, the thrift bank arm of United Coconut Planters Bank (UCPB) reported a higher net income of P231 million during the first nine months of the year as it loaned out aggressively during the period.

For the first nine months of 2011, the bank’s net income stood at P206 million.

For the period under review, the loan portfolio of UCPB Savings rose by 22 percent to P6.2 billion from P5.1 billion in the same period in 2011.

The growth in income was also driven by the 20-percent increase in the bank’s deposits to P5.25 billion in  first three quarters of 2012 as againts the P4.377 billion in the comparative period in 2011.

As deposits grew so as the interest income which inched up by 12 percent to P629 million in first nine months in 2012 versus P564 million in 2011.

Non-interest income likewise grew by 50 percent to  P161 million in 2012 against P107 million in 2011 due to trading gains and increases in commissions and fees.

UCPB Savings has also been aggressively increasing its branches for the past months. Recently, it added five new branches to its 41 existing ones.

The five new branches are in Batac, Ilocos Norte; Lingayen, Pangasinan; Caramoan Island; Catbalogan, Samar; and Metro Cebu. Batac and Lingayen are primarily agricultural areas, Caramoan Island is a famous tourist destination while Catbalogan and Metro Cebu are commercial hubs.

It has also rolled out seven online ATMs in areas that list agriculture as their major economic activity namely, Calauag, Quezon; Lucban, Quezon; Goa, Camarines Sur; Pili, Camarines Sur; Libmanan, Camarines Sur; Sta. Ignacia, Tarlac; and Lamitan, Basilan.

The seven ATMs went online early October; target in 2013 is to provide all UCPB Savings Bank branches with ATMs.

UCPB Savings will also put up four new lending offices by 2013 in Calbayog, Samar; Tacloban, Leyte; Butuan; and Toril, Davao City.