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Thursday, April 24, 2014

UCPB Savings Bank net income up 36% to P404M in 2013

Net earnings of UCPB Savings Bank grew by 36 percent in 2013, helped by marketing initiatives and improved revenues, the bank said Wednesday.

In an e-mailed statement, UCPB Savings Bank said it booked P404 million in net income from P297 million a year earlier.

The bank attributed its performance to a more aggressive marketing for commercial and consumer loans and efficient operating expense components that pushed the it to surpass the revenue target.

Total loans climbed 26.42 percent P8.6 billion from P6.8 billion, while deposits increased by 57.64 percent to P8.8 billion from P5.6 billion.

Non-performing loans stood at 3 percent of total portfolio while capital adequacy ratio registered at 26.61 percent or above the 10-percent minimum requirement under the Bangko Sentral ng Pilipinas standards.

The bank currently has 37 branches nationwide and 24 automated teller machines.

“We believe that we are on track towards growth. The challenge is to accelerate the momentum by providing relevant tools to our employees, our greatest asset," Joseph C. Justiniano, president and CEO, said in a statement.

Part of the bank's priorities is the development of training programs aimed at reinforcing our people’s skills, Justiniano said.
"We are also planning to roll-out the sales management process that will enable our sales people to spot and develop business potentials. Lastly, we are looking at a solid control and support system to back-up our sales endeavors,” he added.

- GMA News

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