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UCPB posts double-digit net income growth for 2019, sustains growth in Q1 2020

UCPB posted a net income of P4.18 billion in 2019, an 18% increase from its P3.5 billion net income in 2018, based on the Bank’s unaudited financial statement. This was driven by net interest income growth of 7.2% or P766 million year-on-year, lower funding costs and higher trading gains.

Corporate and consumer lending grew by 4% year-on-year while Treasury increased its trading and investment portfolio by 21% to P80.56 billion. Deposits, mainly from CASA, grew by 3% to P282 billion, a P8.9 billion increase from 2018.

The Bank’s double-digit growth was sustained in the first quarter of 2020, with a net income of P1.3 billion, up by 83% from last year’s P715 million. This was due to robust efforts to expand consumer and commercial lending and an increase in trading and securities gain.

Interest income is higher year-on-year by 8% or P293 million due to a higher gross loan level by P2.4 billion to P165.9 billion. Net interest income is better by 32% to P3.2 billion as compared to the same period last year. Deposits grew by 7% to P278.8 billion from year-ago levels.

Non-interest income is 86% or P429 million better versus first quarter of last year, mainly driven by trading and securities gain and service charges.

The Bank remains cautious despite its strong and sustained performance as the country continues to address the COVID-19 pandemic. “The Bank has done exceptionally well with its double-digit growth in 2019 and the first quarter of the year. However, we also anticipate a decline in our net income by year-end given the negative impact of the pandemic to businesses and consumers alike. It’s a time riddled with challenges arising from the global health crisis but we will work doubly hard to serve our clients, ensure the safety of our employees and help communities hard hit by COVID-19 as much as we can,” said UCPB Officer-in-Charge Liduvino S. Geron.

In response to the call for relief measures in the ongoing COVID-19 crisis, UCPB has undertaken various measures to support its clients, stakeholders and employees. The Bank prudently increased its provisions for losses as a result of its initial assessment of the credit portfolio, owing to the impact brought about by the pandemic on local businesses and consumer borrowers and the uncertain global and local economic outlook. It also provided a grace period for loan clients in line with the Bayanihan To Heal As One Act, and also waived InstaPay and PESONet fees for individual clients. Despite shortened banking hours during the community quarantine period, its online and mobile banking channels remained open for clients to use anytime. The Bank continues to urge its clients to choose safety by encouraging the use of digital channels for their banking transactions.

Date published: October 5, 2020

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