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UCPB posts double-digit income growth in Q1 2018

UCPB posts double-digit income growth in Q1 2018

UCPB posted a net income of P1.14 billion in the first quarter of 2018, 19% higher than the P958 million it earned in the same period last year.

The double-digit earnings growth reflects the strong performance of the Bank’s lending, deposit-taking, bancassurance and fee-based operations in the first three months of the year, UCPB President and CEO Higinio O. Macadaeg, Jr. said.

As of end-March 2018, the Bank’s loan portfolio expanded by P18.33 billion or 12% to P173.35 billion from P155.02 billion a year ago, boosted by robust consumer loan bookings.

UCPB booked P6.5 billion in new consumer loans in the first three months of the year as the Bank continued to successfully leverage its 188 branches nationwide to take advantage of the sustained demand for housing, auto and personal loans, and to generate more deposits.

Deposits rose by 9% or P22.29 billion to P278.04 billion, with low-cost CASA accounting for 67% of the total amount.

Higher loan volume and better margins increased net interest income during the period by P108 million to P2.84 billion, up nearly 4% from year-ago levels.

Non-interest income also increased by 20% or P129 million, to P743 million on higher service charges, fees and commissions, foreign exchange gain and bancassurance revenues.

UCPB inked a 10-year exclusive bancassurance partnership with United Coconut Planters Life Assurance Corp. (COCOLIFE) and UCPB General Insurance Co., Inc. (UCPB GEN) in February this year.

“We’re ahead of our first quarter target and on track to surpass last year’s earnings performance, a very good start as we celebrate our 55th year in the industry,” Mr. Macadaeg said.

Date published: April 20, 2018

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Customer Advisories

System Maintenance Schedule: October 20 & 21, 2018 (12mn-3am)

Please be advised that the following electronic banking channels will not be available on October 20, 2018 (Saturday) and October 21, 2018 (Sunday) from 12:01 AM to 3:00 AM: UCPB Connect ATMs Mobile Phone Banking Point-of-Sale (POS) Terminals e-Commerce transactions (online purchases via VISA and Bancnet) CM.Biz Please take note that UCPB Accountholders will not be able to transact using other banks’ ATM. Kindly schedule your transactions before or after the scheduled maintenance. We apologize for the inconvenience this may cause. We are doing this to ensure consistent and improved service delivery for you. Thank you. Read more.

Attention: UCPB Visa Debit EMV Cardholders

Please be advised that cardholders who have not yet activated their UCPB Visa Debit EMV cards will no longer be able to use their cards by December 11, 2018. Activate your card as soon as possible to avoid inconvenience. Read more.

ADVISORY: Local Holidays

Please be advised of the following local holidays and the UCPB branches that will be closed:

Friday, October 19, 2018 – Dumaguete branch (Buglasan Festival – Proclamation No. 600)
Friday, October 26, 2018 – Angeles branch (Tigtigan Terakan Keng Dalan Festival – Proclamation No. 589)

Our ATMs and electronic banking facilities are available even during holidays. Thank you.

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