UCPB reverses loss, posts profits last year

UCPB made money last year, a turnaround from a net loss in 2008, mainly due to higher income from deposits, loans and investments, as well as better gains from trading operations. In a statement, the bank said unaudited net profits reached P1.46 billion last year, a reversal of its P1.67-billion net loss in 2008. "The upgrade of the bank’s automated systems and the continuing program to renovate branch premises and relocate selected branches to better sites will boost further deposit generation efforts this year," UCPB said. Revenues jumped by more than a third to P8.77 billion last year, with both noninterest and interest income posting double-digit growth. Interest income went up by almost half to P6.79 billion due to robust growth of investments and loans UCPB said. The bank expanded its loan portfolio by 16 percent to P41.34 billion as more deposits poured in. Meanwhile, the bank’s noninterest income rose by almost half to P1.68 billion due to a sharp increase in trading and securities gains. UCPB said it had more than doubled its investments in government securities and liquid assets to P42.86 billion last year. Total deposits reached a record P133.68 billion last year, 40 percent higher than a year earlier. Of the total, more than three-quarters were from the private sector, rising by 15 percent to P103.68 billion. Government deposits, which went up five times, made up the balance. — NPA, GMANews.TV