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MANILA, Philippines - The first-quarter profit of United Coconut Planters Bank (UCPB) grew by a third on the back of strong trading gains and higher interest income.
In a statement, the lender said its net income rose 34 percent year-on-year to P883.7 million.
“Businesses normally slow down during this period but we still managed to sustain our growth in 2011. Our strong first quarter performance bodes well for the future of the bank.” Jeronimo Kilayko, UCPB president, said.
The bank said its trading gains increased more than three hundred fold during the first three months of the year to P486.9 million from last year's P111.2 million.
Interest income grew 15 percent, as the bank expanded its loan portfolio to P73.6 billion in the first quarter from P62.1 billion last year.
Driving up its loan portfolio was home mortgage financing, as UCPB forged tie-ups with real estate developers.
Funding the expansion of the bank's loan portfolio were checking and savings accounts (CASA), which rose to P102.2 billion this year from P98 billion in 2011.
CASA comprised 63 percent of total deposits, which grew nine percent to P162 billion from P148 billion last year.
By end of the first quarter, UCPB’s total assets stood at P204 billion, 13 percent higher than a year ago while total capital increased by 23 percent to P17.9 billion.
For 2012, UCPB is setting its sights on a P3.5 to P4 billion profit.
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