UCBH Holdings Inc. of San Francisco said that net income rose 22.9%, to $6.5 million, in the fourth quarter and 25.5%, to $24.1 million, on the year.
Its $2.5 billion-asset United Commercial Bank subsidiary has recorded double-digit earnings growth for 10 consecutive quarters since converting to a commercial bank in 1998, said Thomas S. Wu, the holding companys president and chief executive officer.
UCBH is well positioned for further earnings growth and continuing shareholder value in coming years, he said.
The banks loan portfolio grew 12.7% in 2000, to $1.93 billion, but Mr. Wu said it could fund that increase almost totally with deposits, which grew 38%, to $632.3 million.
With the growth in loans, UCBHs allowance for loan losses stood at $28.9 million in 2000, compared with $19.5 million in 1999. Chargeoffs were $367,000, against $1.1 million in 1999.
