Tuesday 17 July
Powered by Ajaxy
Apr 23, 2018 @ 16:54

UCPB income hits P1.1B in Q1

 

Broad-based growth from loans and other products fuelled a surge in profits.

The United Coconut Planters Bank (UCPB) made P1.14 billion in net income during the first quarter, up by 19 percent from P958 billion made a year ago.

In a Business World report, the government-owned bank said the income growth was driven by its core businesses.

“The double-digit earnings growth reflects the strong performance of the Bank’s lending, deposit-taking, bancassurance and fee-based operations in the first three months of the year,” UCPB President and Chief Executive Officer Higinio Macadaeg, Jr. said.

Loans grew by 12 percent to reach P173.35 billion led by the consumer segment, particularly by stronger demand for housing, car, and personal loans. Net interest income then grew four percent to reach P2.84 billion.

Deposits also grew by nine pecent to P278.04 billion. Meanwhile, non-interest income rose a fifth to P743 million.

Tags: , ,

Related Stories
Wednesday is the day for this sweet deal.
Enrique Razon-led Bloomberry Resorts & Hotels Inc. (BRHI) and Sureste Properties Inc. (SPI) signed a
The digital enterprise enabler of the PLDT Group forged a partnership agreement with the United


 

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.