The United Coconut Planters Bank (UCPB) benefited from the continued strong growth of the economy as proven by among others the 53 percent rise in consumer loans to P10.4 billion in the third quarter this year from the P6.8 billion same period last year.
UCPB first vice president for consumer banking David Mercado said their consumer loan portfolio registered a 65 percent year-on-year expansion in real estate, auto and personal loans in the first nine months.
He cited the big demand for mid-range residential properties after real estate loan bookings jumped to P2.5 billion from P1.4 billion in end-September 2009.
He traced this to change in overseas Filipino workers’ (OFW) preference for townhouses, condominiums, and walk-up apartments with a price range of P3-5 million from their earlier choice of low-cost houses.
Relatively, the bank’s auto loans grew 64 percent to P2.3 billion as of end-September this year compared to the year-ago level of P1.4 billion.
The Chamber of Automotive Manufacturers of the Philippines, Inc. earlier reported the 34 percent year-on-year rise in car sales as of the end of the third quarter this year.
Also, the bank’s personal loans went up by 32 percent in the first nine months this year after it reached P473 million over year-ago’s P198 million.
“We’re bullish about our growth prospects in the last quarter of the year,†Mercado said citing as reason the over-all business and consumer confidence due to among others the strong growth of money sent home by overseas Filipinos, which in turn would enhance personal consumption.
Mercado said they would open five more branches before the year ends and these are expected to further boost their loan bookings since their branches contribute about 47 percent to their total consumer loans.
The five branches are located in Alabang, Global City and Malabon in Metro Manila and Bacoor and Dasmarinas in Cavite.
Linkback:
https://tubagbohol.mikeligalig.com/index.php?topic=33230.0
