UCPB books 22% income jump in 2017

The profit of universal bank UCPB jumped 22 percent to a new record last year as it continues to aggressively expand its loan portfolio and deposit base.

UCPB president and CEO Higinio Macadaeg Jr. said the bank’s net profit amounted to a record P4.08 billion last year due to strong loans and deposits growth.

The loan book of the country’s 11th largest bank grew 10.1 percent to P171.7 billion from P156 billion amid the double-digit increase in consumer and corporate loans while its deposit base climbed 5.2 percent to P279.5 billion from P265.6 billion.

The robust loan growth bolstered UCPB’s interest income by seven percent to P14.2 billion, while noninterest income went up 5.2 percent to P2.7 billion on hefty trading and securities gains and revenue from a newly launched bancassurance business.

Macadaeg said the bank is confident it would be able to sustain the double-digit growth in core earnings this year as it hopes to double the premium production of its bancassurance business.

“The bank is eyeing to sustain the double-digit core earnings growth this year, anchored on the continued expansion of our consumer and middle market lending operations and a greater push to increase non-interest revenues from our other feebased services like bancassurance,” he said.