MANILA, Philippines - UCPB is on track to achieving its 2010 goals as earnings in the first half of the year soared 238% to P1.14 billion from a year ago, boosted by higher interest income from loans and hefty trading gains.
In a statement, UCPB said its total loans grew by 18% to P49.87 billion during the period, with consumer loans rising 57% as the bank improved its spreads and diversified its risk profile.
The bank’s total deposits also rose by 11% to P133.98 billion, with low-cost current account and savings account from retail and corporate clients expanding at a faster rate of 16%.
Non-interest income grew by 38% to P988 million owing to stronger trading gains as global markets recover.
The bank’s subsidiaries, UCPB Savings Bank, UCPB Leasing and Finance Corp. and UCPB Securities, also made marked contributions to the first half income. They posted combined earnings of P154 million, up 17% from last year.
UCPB executive vice president and chief finance officer Cesar Rubio said the first semester performance reflects the impact of the re-branding program that the bank rolled out late last year.
Under the program, the bank implemented several initiatives to enhance employee productivity, operating efficiency and customer satisfaction.
UCPB upgraded its core banking systems to speed up turnaround time, moved 14 of its branches to new sites to tap bigger markets, and renovated 39 other branches to improve visibility and customer convenience. It also improved its ATM network’s reliability by replacing old machines with new models, and adding 16 more ATMs to widen coverage to 237 locations.
At the end of June 2010, UCPB's total assets increased 11% to P164.80 billion from P148.64 billion.