The United Coconut Planters Bank (UCPB) grew its net income by 22 percent last year, mainly through its loan portfolio and trading and securities earnings.
UCPB posted a net income of P3.73 billion for 2012, up by 22 percent from the P3.06 billion in 2011, the bank said in a statement Monday.
Total loans went up by 24 percent to P87.72 billion from P70.52 billion, with the consumer portfolio growing by 33 percent. Corporate accounts make up 45 percent of the loan portfolio.
Non-interest income jumped by 47 percent to P3.1 billion from P2.1 billion due to higher trading gains in securities and better fee based income. UCPB noted that ATM transactions increased by 20 percent.
Moving forward, the growth in fees will stay robust on the back new products launched like the UCPB Connect, an online facility that provides banking flexibility and convenience to clients, which also allows users to access their bank statement and pay bills through mobile devices.
As of end-2012, the bank posted total assets of P218.72 billion—up by 9 percent—due to sound financial fundamentals and knowledge of the current market conditions, while total capital increased by 15 percent to P20.27 billion. — VS, GMA News
source: gmanetwork.com
