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