- Category: Banking & Finance
22 Oct 2012
- Written by Jun Vallecera / Reporter
UCPB Savings, the thrift bank arm of the universal lender United Coconut Planters Bank, is now available in five more areas of the country, including Metro Cebu and the famous tourist destination of Caramoan Island.
Three other branches were opened in Batac, Ilocos Norte; Lingayen, Pangasinan; and Catbalogan, Samar which is the commercial hub in that island.
The five new branches brings the lender’s total branch network to 41 and forms part of the larger goal of expanding its banking footprint in places where the potential for upside is large.
“The branch expansion will target small- and medium-enterprises (SME) and individuals. Our new customers could expect similar services that large commercial banks provide, this is what we would like to be known for in the areas we serve,” UCPB Savings president Joseph C. Justiniano said.
“We are providing banking products and services to the target market such as payroll service, and we handle remittances of the modern-day Filipino heroes – the OFW (Overseas Filipino Workers),” he said.
UCPB Savings also deployed seven more automated teller machines (ATMs) that went online just this month.
Justiniano said the ATMS were deployed in Calauag, Quezon; Lucban, Quezon; Goa, Camarines Sur; Pili, Camarines Sur; Libmanan, Camarines Sur; Sta. Ignacia, Tarlac; and Lamitan, Basilan.
Calauag is a known communications and transport hub in Luzon as four of the country’s transport companies are headquartered in the municipality in addition to the head offices of a communications firm.
“We are aggressively expanding the bank’s service delivery network – our branches and ATMs– not only to generate low-cost funds but help promote financial activities in these communities which are not usually served by other commercial banks,” Justiniano said.
Earlier, UCPB Savings reported a loan portfolio that grew by 22 percent to P6.22 billion in the first nine months this year versus only P5.10 billion at end-December 2011.
Its deposits grew by 20 percent to P5.25 billion from P4.38 billion.
Interest income went up by 12 percent to P524 million to P629 million during the period while non-interest income increased by 50 percent, from P107 million to P161 million.
Net income also registered a hike of 12 percent to P231 million from P206 million posted at end-December 2011.