UCPB corporate life extended by 50 years

MANILA, Philippines—United Coconut Planters Bank has obtained approval from the Securities and Exchange Commission to extend its corporate life by another 50 years to 2063, thus renewing its mandate to assist in national development, especially in the countryside.

The SEC recently approved an amendment in UCPB’s bylaws that extended its corporate term. “With the extension of the bank’s corporate life now a certainty, it can sustain its growth momentum toward becoming a bigger and stronger financial institution,” UCPB president and chief executive Jeronimo Kilayko said in a statement.

In his message to the officers and staff of the bank, Kilayko said: “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.”

In a recent interview, Kilayko said he expected UCPB’s net profit this year growing by 20 percent to P3.6 billion given a double-digit expansion in loan book and strong trading gains early in the year. Lending to mid-sized corporations and consumers is seen boosting profits this year.

On the other hand, he said full-year treasury gains would likely be less than last year’s when the more volatile financial markets created a lot of opportunities.

The bank is looking to grow its loan book by at least 10 percent this year but the projected growth in consumer lending will be much faster at 30 percent.—Doris C. Dumlao