UCPB makes turnaround; posts P1.1-B profits in Jan-Sept
abs-cbnNEWS.com | 11/11/2009 6:47 PM
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MANILA - Government-sequestered United Coconut Planters Bank (UCPB) said Wednesday it posted a consolidated net income of P1.1 billion in the first 9 months of the year, reversing a net loss of P1.4 billion in the same period in 2008.
UCPB executive vice president and chief finance officer Cesar Rubio said strong revenue growth boosted the bank's earnings performance during the period.
UCPB's year-to-September revenues nearly doubled to P6.3 billion from P3.4 billion a year ago as both non-interest income and interest income increased significantly.
Non-interest income almost tripled to P1.4 billion from P500 million, mainly on higher trading gains and earnings from the sale of real and other properties acquired.
Interest income, on the other hand, went up 69% to P4.9 billion from P2.9 billion, owing to higher loans and trading and investment security volumes.
Loans increased by 20% to P34.6 billion from P28.7 billion a year earlier, with both commercial loans and consumer loans registering double-digit growths of 28% and 42%, respectively.
Trading and investment securities, meanwhile, nearly tripled to P44.2 billion from P14.9 billion.
Deposits, which grew by 52% to P121 billion from P79.8 billion, funded the expansion of the bank’s loan and trading and investment securities portfolios.
In the third quarter alone, UCPB earned P711.7 million, 72% higher than last year's P413.7 million.
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