UCPB 9-month profit up 5.2%

MANILA, Philippines — Earnings of UCPB rose 5.2 percent in the first nine months of the year amid the robust core business of the country’s 12 largest lender.

The bank said its net income from January to September amounted to P3.03 billion, about P150 million higher than the P2.88 billion booked in the same period last year.

UCPB president and CEO Higinio Macadaeg Jr. said the result was driven by the sustained growth of the bank’s consumer loans portfolio and the notable performance of its bancassurance business launched this year.

“All of our business segments contributed strongly to our record performance this quarter, notably consumer and corporate loans on the back of steady economic growth,” he said.

Macadaeg said UCPB continues to sustain its robust consumer loan portfolio, contributing to the 16 percent growth in its total loan portfolio to P157.57 billion from P135.97 billion.

The increase in its loan book was attributed to consumer spending confidence and the growing investment appetite.

On the other hand, the bank’s total deposits grew 11 percent to P277.96 billion year-on-year.

UCPB’s bancassurance business launched last April posted an income of P38 million.

Net interest income rose 15 percent to P8.3 billion, while non-interest income fell 23 percent to P1.86 billion due to lower trading opportunities.

Operating expenses were kept at a minimum, increasing by nine percent, even as the bank continues to respond to growing manpower requirements.

“As the year draws to a close, UCPB will be relentless in continuing to achieve operational efficiencies and raising productivity. Judging from our performance these past nine months, we look forward to an even better year in 2018 for UCPB,” Macadaeg said.

UCPB completed the transition of all its ATMs and replacement of its ATM cards to the EMV technology last October. It also successfully implemented its Check Image Clearing System, resulting in one-day check clearing to give its clients faster access to their funds at 12 noon of the next banking day.