UCPB to open five new branches this year
CEBU, Philippines - Riding on the positive outlook of the country’s healthy banking sector, the United Coconut Planters Bank (UCPB) announced to open up five new branches this year, as part of its efforts to reach out to more clients.
This plan is boosted with the bank’s progressive growth path in the last three years, while it targets to hit a P4 billion profit this year.
With the opening of the four new branches this year, the bank’s network will count to 193.
“We are optimistic that we can sustain UCPB’s growth momentum for the past year given our associates’ commitment to building a bigger and stronger financial institution and our clients’ loyalty to the UCPB brand,” UCPB president and chief executive officer Jeronimo Kilayko said.
UCPB turned around its finances in 2009 when it posted a profit of P1.66 billion from a loss of P2.71 billion the previous year.
Profits further grew to P2.45 billion in 2010 and P3.05 billion last year which was a robust 25 percent increase from 2010.
According to Kilayko, UCPB aims to achieve a P4 billion net income for 2012 by creating more technology-driven products while expanding its loan portfolio, remittance business, fee income and branch network to drive revenue growth. (FREEMAN)
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