EARNINGS: UCPB says profits grew to 2.39B last year

The United Coconut Planters Bank (UCPB), the country's 11th largest lender, on Monday said its net profits grew 44 percent to P2.39 billion last year from P1.66 billion in 2009. UCPB executive vice president and chief finance officer Cesar Rubio said the earnings growth can be attributed to higher loans and investment volumes and hefty trading gains a year ago. The bank said its loan portfolio grew 16 percent to P54.77 billion year-on-year and its trading and investment securities rose 14 percent to P50.07 billion on an annual basis. UCPB said a total of P148.57 billion customer deposits were registered last year, allowing the bank to extend more loans and undertake more investments. "We are starting to reap the benefits from the upgrade of our branch network that we pursued in earnest last year as part of our re-branding program," Rubio said in a statement. UCPB — which has a total of 183 branches nationwide — renovated 60 branches and relocated 18 in more strategically important locations. The bank ended 2010 with assets amounting to P178.13 billion, up 9 percent from 2009's P162.81 billion. UCPB has a total capital of P14.3 billion as of end-December 2010, up 15 percent from P12.45 billion in the same period in 2009. — JE, GMA News