United Coconut Planters Bank, the 12th largest lender in terms of assets, said Monday net income in the first six months rose 12 percent to P2.01 billion from P1.8 billion a year ago, driven by strong consumer loans.
The bank’s loan portfolio expanded 15 percent to P153.37 billion from P133.38 billion a year earlier, fueled by the increase in consumer loans, particularly auto loans.
Total deposits also grew 23 percent to P284.33 billion from P231.48 billion in the same period last year.
“UCPB continues to post significant growth in its core business in the first semester of 2017. We were able to expand our loan portfolio and even exceeded our year-to-date 2017 target,” UCPB president and chief executive Higinio Macadaeg Jr. said in a statement.
“The strong demand for financing coupled with our other initiatives such as our strengthened relationships with partner dealers and agents boosted the rise in consumer loan availments. Our consumer loan portfolio was funded by low-cost deposits that we continued to build this year. This resulted to better margins,” he said.
