United Coconut Planters Bank said Wednesday profit in the first nine months climbed 45 percent to P2.88 billion from a year ago, led by higher net interest income.
UCPB said net interest income grew 15 percent to P7.21 billion, on the back of a double-digit increase in loans and deposits.
“Appetite for consumer loans continues to grow as well as our deposits. We are on track to meet our targets this year, and we thank our customers for their continued trust in the bank,” UCPB president and chief executive Higinio Macadaeg Jr. said.
Loans grew 17 percent to P136 billion, on the double-digit rise in consumer loan bookings and corporate loans. Consumer loans jumped 28 percent to P58.2 billion, while corporate loans rose 10 percent to P77.8 billion.
The low-cost current and savings accounts, which are used to fund consumer loans, climbed 16 percent to P175.9 billion as of end-September from P151.3 billion a year ago.
Non-interest income also increased 31 percent to P2.42 billion from P1.85 billion a year earlier, supported by a 64-percent growth in trading gains to P1.14 billion from P695.14 million.
Income from trust operations rose 39 percent to P88.52 million from P63.78 million.