UCPB books healthy growth in retail loans

MANILA, Philippines Sequestered bank United Coconut Planters Bank said its consumer loan bookings rose by 57% in the first four months of the year. Housing, auto and personal and salary loan bookings rose to P953 million in the January-April period from P607 million a year ago. Housing loans accounted to over half of total bookings, on the back of strong demand for mid-range properties. "We foresee demand in the mid-range segment to remain buoyant since buyers are end-users who have long planned their property acquisitions, not for speculative investments, but to build their primary residences," said David Mercado, UCPB first vice president for consumer banking, in a statement. Banks are growing their consumer lending business this year to compensate for poor treasury operations. The government is planning to infuse P30 billion into UCPB to shore up its capital. About 70% of the bank’s shares have been sequestered by the government. - BusinessWorld