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THE
United Coconut Planters Bank (UCPB) is spending $10.1
million over five years to install a new core banking
system, the bank said in a statement.
Ramon
Tanafranca, UCPB executive vice president for
information technology and methods, said the investment
will cover the acquisition of the core banking-system
application software, hardware and systems software and
the customization cost.
It will
also cover the training and implementation for the
introduction of the new system to the bank’s work force.
The bank
has tapped Malaysia-based Silverlake Systems to develop
and customize the new core banking system.
UCPB
executive vice president for operations Evangelina
Samonte said the core banking-system upgrade will boost
UCPB’s competitiveness in product development, sales and
marketing, customer-relationship management and
regulatory compliance monitoring.
“The
acquisition of a new core banking system is essential to
boost UCPB’s competitiveness and position it for
sustained growth in the future,” she said.
The bank
also announced that it is upgrading the technology
system in its branches. It is shifting to a
Windows-based system with centralized maintenance and
online-verification features.
This
year the bank is upgrading its Internet banking
solution, treasury system and trust system.
In the
first quarter of the year, UCPB posted a 54-percent
increase in its consumer-loan bookings, while its
current and savings accounts 15 percent, or P4.3
billion.
It said
it increased its deposit portfolio to P33 billion in the
first quarter of 2008, from P28.7 billion in the same
period last year.
The bank
was able to increase its consumer-loan bookings in the
first quarter by 54 percent to P703 million, from P458
million a year earlier.
The
bank’s consumer loans consist of real-estate loans, auto
loans and personal loans.
It said
its real-estate loans rose 93 percent to P339 million in
the first three months of 2008, from P176 million in the
same period last year as the midrange property market
remained “upbeat.”
It said
its auto loans went up 24 percent to P305 million, from
P245 million, because of strong demand for new passenger
cars, while personal loans increased 59 percent to P59
million from P37 million.
The bank
is targeting a 34-percent increase—from P2.27 billion to
P3 billion—in its consumer-loan booking for the year.
The bank
currently has P114 billion in assets. |
