State-controlled United Coconut Planters Bank registered a net profit of P3.03 billion in the first nine months of the year, up 5 percent from P2.88 billion year-on-year, driven by growth in consumer loans portfolio and the performance of the bancassurance business launched this year.
Loan portfolio rose 16 percent P157.57 billion from P135.97 billion on year as consumer spending confidence and investment appetite continued to grow. Deposits increased 11 percent to P277.96 billion on year. The bancassurance business, which was launched in April this year, posted an income of P38 million.
Net interest income rose to P8.30 billion, up 15 percent in the first nine months, while non-interest income dipped 23 percent to P1.86 billion on year due to lower trading opportunities.
Operating expenses were kept at a minimum, increasing just 9 percent, even as the bank continues to respond to growing manpower requirements.
“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,” said UCPB president and chief executive officer Higinio Macadaeg Jr.
UCPB in October completed the transition of all its automated teller machines and replacement of ATM cards to the EMV technology, the global standard in card payment security.
The bank also successfully implemented its Check Image Clearing System, resulting in one-day check clearing to give 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 Macadaeg.