UCPB reported P3.03 billion in net income for the first nine months of the year, a 5% increase from P2.88 billion last year. This result is driven by the sustained growth of the Bank’s consumer loans portfolio and the notable performance of its bancassurance business launched this year.
The Bank continues to sustain its robust consumer loan portfolio, contributing to the 16% growth in the Bank’s total loan portfolio from P135.97 billion to P157.57 billion, as consumer spending confidence and investment appetite continue to grow. Deposits grew by 11% to P277.96 billion year on year. Its Bancassurance business, which was launched in April 2017, posted an income of P38 million.
Net interest income rose to P8.30 billion, up by 15% in the first 9 months while non-interest income dipped 23% at P1.86 billion compared to the previous year due to lower trading opportunities.
Operating expenses were kept at a minimum, increasing by 9%, even as the Bank continues to respond to growing manpower requirements.
UCPB President and CEO Higinio O. Macadaeg, Jr. notes, “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.”
In October, UCPB completed the transition of all its Automated Teller Machines (ATMs) and replacement of its ATM cards to the EMV technology, the global standard in card payment security. The Bank also successfully implemented its Check Image Clearing System (CICs), resulting in one-day check clearing to give its clients faster access to their funds at 12 noon of the next banking day.
“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,” said Mr. Macadaeg.
Date published: December 5, 2017