Daily Star logoBusiness
Bacolod City, PhilippinesMonday, May 14, 2012
Front Page
Negros Oriental
Star Business
Police Beat
Star Life
People & Events
Classified Ads
UCPB offers 3rd tranche
of P1.85-billion LTNCDs

The United Coconut Planters Bank is offering its third tranche of Long-Term Negotiable Certificates of Time Deposit amounting to P1.85 billion to the public after the overwhelming response to the bank’s two previous issuances, its press release said.

UCPB Treasury Banking Group head Eulogio Catabran III said that in 2010, they offered P3 billion in LTNCDs which was oversubscribed by some P4.5 billion. Last year, they raised P3.15 billion from the planned P3 billion. He added that the high investor confidence, assured them that this latest venture would be worthwhile, he said.

The bank’s LTNCDs, called UCPB Series 3 LTNCDs, are deposit products that have higher returns and longer maturities than regular time deposits, the press release said.

Individual Filipino and corporate investors may invest a minimum of P50,000 at a fixed interest rate of 5.875 percent per annum to be paid quarterly over the next five years and three months, it added.

PDIC gives insurance coverage to LTNCDs up to P500,000 per depositor.

The public offering is ongoing and up until tomorrow.

Investors can purchase the LTNCDs from any of UCPB’s 188 branches or its selling agent. Interested parties may also buy from the secondary market after the offer period.

Catabran also said the proceeds of the sale will be used to increase its long-term deposit base and sustain the growth of its loan portfolio which provide higher margins and cover the bank’s maturing long-term deposits, the press release said.

During the first quarter, UCPB expanded its loan portfolio to P73.6 billion from P62.1 billion from a year ago with consumer loans increasing at a faster rate. Interest income generated by the loans rose by 15 percent during the period.

Total deposits rose by 9 percent to P162 billion in the first quarter against P148 billion in March 2010.

UCPB’s net income grew by 34 percent to P883.7 million from January to March clearly sustaining the growth momentum it has achieved in 2011.

Stockholders of the bank recently approved the extension of its corporate term for another 50 years, the press release added.*

back to top

ButtonOil firms cut prices of petroleum products
ButtonUCPB offers 3rd tranche of P1.85-billion LTNCDs
ButtonNegrense agriculturist wins in national contest

ButtonCrop insurance enrolment today
Union seminar held