MANILA, Philippines—United Coconut Planters Bank posted a 20-percent growth in its profit in the first nine months to P2.25 billion from a year ago.
This was attributed to increases in lending volume and contributions from subsidiaries.
For the third quarter alone, the bank chalked up P912 million in net profit. With still a full quarter to go, UCPB expects to surpass its P2.4-billion full-year income in 2010, bank executive vice president and chief finance officer Cesar Rubio said in a statement.
Earnings from loans jumped by 20 percent as the bank expanded its portfolio by 18 percent to P51.67 billion at the end of September from a year ago.
Rubio said UCPB had taken advantage of the continued strong demand for end-user financing for mid-range residential homes and passenger cars in Metro Manila and key cities in the provinces to increase consumer loans by 34 percent year on year to P13.99 billion.
The bank’s commercial loans registered a 13-percent growth to P37.71 billion from a year ago as it enlisted new clients.
Deposits, which funded the loan expansion, rose by nearly P10 billion to P146.38 billion from a year ago. More than two-thirds of the incremental deposits generated during the period were low-cost current account and savings account.—Doris C. Dumlao
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