UCPB posts 18% profit growth

United Coconut Planters Bank reported an 18-percent increase in its first semester profit P1.3 billion from year-ago level, given higher earnings from loans and investments, as well as bigger income contribution from its subsidiaries.

In a statement, UCPB executive vice president and chief finance officer Cesar Rubio said the bank had expanded its loan portfolio and trading and investment securities holdings substantially during the period, while deposits continued to grow steadily.

As of end-June, UCPB’s total loans reached P64 billion, up by 15 percent from a year ago, while trading and investment securities totaled P49.4 billion, up by 9 percent compared to the same level last year.

The increase in earning assets was supported by a 10-percent rise in total deposits to P151 billion during the period, with most of the increment coming in the form of low-cost current accounts and savings accounts.

Rubio said the combination of higher loan and investment volumes and lower cost of funds lifted the bank’s net interest income by 15 percent to P2.9 billion from the same period last year. Doris C. Dumlao