UCPB ’12 profit up by 22%
MANILA, Philippines—United Coconut Planters Bank posted a net profit of P3.73 billion last year, 22 percent higher than the previous year, on higher interest earnings and extraordinary treasury gains.
“In spite of 2012 being a demanding year both strategically and financially, we at UCPB are satisfied to have achieved these results. We are definitely looking forward to this year, being our 50th anniversary, and revisiting the basic fundamentals that have made us a reliable banking partner for our target market,” UCPB president and chief executive officer Jeronimo Kilayko said in a statement.
The bank grew its loan book by 24 percent to P87.72 billion last year, with the consumer portfolio rising by 33 percent. Corporate accounts made up 45 percent of the loan portfolio.
Net interest income rose about 4 percent to P3.56 billion year on year.
Like most of its peers, the decline in interest rates to record-low levels last year favored the treasury business. Securities trading gains jacked up UCPB’s non-interest income by 47 percent to about P5.2 billion last year.
On fee-based business, ATM transactions grew by 20 percent from the previous year. “The growth in fees will continue to be robust because of the introduction of products such as UCPB Connect, an online facility meant to provide banking flexibility and convenience to clients. This fairly advanced banking system includes a mobile banking component which allows users to access their bank statement and pay bills through mobile devices,” the bank said.
UCPB ended 2012 with total assets hitting P218.72 billion, up by 9 percent from a year before. This was attributed to “sound financial fundamentals and knowledge of the current market conditions.”
Total capital stood at P20.27 billion, 15 percent higher than the previous year.