Union Bank profit down 7% to P8.4B

MANILA, Philippines - The Union Bank of the Philippines (UnionBank) has reported a 6.66-percent drop in consolidated net earnings to P8.4 billion last year from P9 billion in 2013.

As expected, trading gains fell 47.5 percent to P3.2 billion in 2014 from P6.1 billion.

Net interest income expanded by 33.33 percent P10.4 billion last year from P7.8 billion in 2013.

Non-interest income hardly shown growth due to poor trading gains, expanding by a mere 0.5 percent to P20.5 billion last year from P20.4 billion in 2013. Revenues from service charges, fees and commissions grew by 33.6 percent, or to P3.26 billion last year from P2.44 billion in 2013.

Total resources grew by 12.6 percent to P446 billion from P396 billion.

Capital funds likewise remained healthy at P56.1 billion or nearly 25 percent higher than the P44.9 billion in 2013.

Deposit portfolio stood at P311 billion up slightly by 4.3 percent from the P298 billion in 2013 while loan portfolio dipped slightly by two percent to P139.3 billion from P142 billion.

Basic and diluted earnings per share stood at P7.94 end 2014, from a more robust P14.07 in 2013.