UnionBank earnings reach P8.5B in 9 months

ABOITIZ-led Union Bank of the Philippines Inc. (UnionBank) reported on Monday that its net profit rose by 40 percent to P8.5 billion in January to September this year from the same period in 2018.

In a disclosure, the listed bank attributed its net income to robust revenues coming from the sustained double-digit growth in earning assets, as well as strong trading gains for the year.

Its latest earnings translated to above-industry return on equity of 12.6 percent.

UnionBank’s total assets as of end- September 2019 stood at P685.8 billion compared to P643 billion in the same period last year.

Credit card business, consumer loans, small and medium enterprise banking, and commercial lending were said as to have buoyed total loans to P346.3 billion, up 10 percent from last year.

“Net income for the year was boosted by strong trading gains, as well as improvement in our margins,” UnionBank Treasurer and Chief Financial Officer Jose Emmanuel Hilado said.

He added consumer and middle-market loans also sustained healthy growths.

UnionBank President Edwin Bautista noted the bank recorded solid growth across the different business segments.

“We are fortunate that the substantial improvement in margins and trading gains from favorable market conditions have converged,” Bautista said.

He added the lender’s digital transformation plans are ahead of schedule.

UnionBank shares rose by 85 centavos or 1.44 percent to end at P60.05 each on Monday.