EARNINGS: 9-mo UCPB net income up 74% to P1.88B

United Coconut Planters Bank (UCPB) registered P1.88 billion in net income in January-September, up by 74 percent from P1.08 billion a year earlier, the state-controlled bank said in a statement Monday. “We capitalized on the improving economic conditions and the tremendous goodwill created by our re-branding program to generate more deposits, loans, and investments, and heighten trading operations," UCPB executive vice president and chief finance officer Cesar Rubio. Profits in the first nine months have already exceeded the P1.66 billion the bank recorded for the whole 2009, and compare with the bank’s P2.2-billion target for 2010, Rubio said. Its interest income rose by 19 percent to P5.79 billion from P4.88 billion on higher loan volume in the same comparable period. Non-interest income jumped by 36 percent to P1.79 billion from P1.31 billion on huge increases in trading gains, the bank said. — JE/VS, GMANews.TV