UCPB Savings Bank, a subsidiary of United Coconut Planters Bank or UCPB, said net income in the first half climbed 22 percent to P192 million as both its loan portfolio and deposits recorded strong growth.
In a statement released over the weekend, the bank said its loan portfolio in the first half expanded by 9 percent year-on-year to P10.34 billion, with real estate loans posting the biggest growth.
Deposits rose 4 percent from a year earlier to P10.08 billion, driven by a 16.5 percent improvement in the current account and savings account deposits.
However, its higher-costing time deposits declined by 4 percent as part of the bank’s strategic direction to improve its margins.
The bank also expanded its branch network by opening an additional five branches in underbanked areas in response to the central bank’s calls for financial inclusion.
It said additional branches were opened in Batac, Ilocos Norte; Lingayen, Pangasinan; Naga, Cebu; Borongan, Eastern Samar; and Tagum, Davao del Norte from June 2014 to October 2015, it said.
UCPB Savings Bank now has 42 branches and 43 automated teller machines (ATMs) nationwide.
The bank said it also plans to open a branch in Mabalacat, Pampanga and a lending office in Balanga, Bataan within the year.
Besides regular deposit products, the bank also offers consumer loan products such as real estate loans, vehicle financing, small business loans suited for small and medium-sized entrepreneurs, and cash/salary loans for seafarers, employees of accredited private companies, public school teachers and government employees.
The bank recently launched a Kiddie Savings Account and an e-cash card product.