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UNITED Coconut Planters Bank (UCPB) expects
significant growth in its deposits this year, primarily driven by
current account and savings account deposits (CASA).
From P83.6 billion in the first
quarter of the year, UCPB expect to increase this by 9 percent year
on year to P88.4 billion by the end of the year.
In a statement, UCPB reported its
total deposits in the first quarter grew 11 percent or P8.3 billion
to P83.6 billion from P75.2 billion in the same period last year.
“The shift in the focus of
UCPB’s deposit generation effort toward the less expensive CASA
deposits is a deliberate strategy to lower the bank’s fund cost
and enhance its competitive position in the retail loans market,”
said Edmond Bernardo, UCPB first vice president for business
development.
The first-quarter growth was
driven mainly by CASA deposits, which rose 16 percent or P4.7
billion from P30.1 billion to P34.8 billion during the period
The lender’s CASA deposits
accounted for 42 percent of its total deposits, up from 40 percent a
year ago, Bernardo said.
He said the bank’s time deposit
accounts also grew but at a slower pace of 8 percent, from P45.2
billion to P48.8 billion.
UCPB reorganized its branch
network last year, setting up a 545-strong branch marketing unit to
focus solely on deposit generation and the cross-selling of other
bank products.
 --Maricel
E. Burgonio
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