UCPB posted record earnings in 2017 as the bank aggressively expanded its loan portfolio and deposit base during the year.
Unaudited results showed UCPB’s net income rose 22 percent to P4.08 billion from 2016.
Loans totaled P171.7 billion at the end of 2017, P15.7 billion higher than the level in the previous year, as both consumer and corporate loans recorded double-digit growths. Deposits increased P13.9 billion to P279.5 billion during the same period.
Robust loan growth bolstered the bank’s interest income, which grew by 7 percent to P14.2 billion. Non-interest income also increased by 5.2 percent to P2.7 billion on hefty trading and securities gains and revenues from a newly launched bancassurance business.
UCPB president and chief executive Higinio Macadaeg Jr. said the bank plans “to sustain the double-digit core earnings growth this year, anchored on the continued expansion of our consumer and middle market lending operations and a greater push to increase non-interest revenues from our other fee-based services like bancassurance.