Rise in loans and investments along with lower fund cost enabled UCPB to surpass by 44 percent its 2009 net income and exceeded its 2010 target after it registered a P2.39-billion unaudited net income last year.
The bank’s 2009 net income stood at P1.66 billion while last year’s income target is P2.2 billion.
“Higher loan and investment volumes, better margins, hefty trading gains and lower fund cost propelled last year’s earnings growth,” UCPB executive vice president and chief finance officer Cesar Rubio said.
The bank officer said their loan portfolio last year grew by 16 percent to P54.77 billion while trading and investment securities rose by 14 percent to P50.07 billion.
He said the rise in these businesses was spurred by the 11-percent growth in margins and allowed the bank to post an interest income amounting to P7.83 billion, 15 percent higher year-on-year.
Also, the banks non-interest income grew by 32 percent to P2.22 billion on account of the large jump in trading profits.