UBP income hits P3.4 billion

MANILA, Philippines -  The Union Bank of the Philippines (UBP) has registered a record net income of P3.39 billion for the first nine months of 2009, 100.59 percent higher than the previous year’s P1.69 billion. Gross interest income on loans and securities grew by 40.11 percent and 13.70 percent, to P5.25 billion and P3.06 billion, respectively. Securities and foreign exchange trading profits stood at P2.25 billion.

Total assets expanded by 15.23 percent to P226.59 billion in September 2009. Loan portfolio increased by 12.18 percent to P79.65 billion while deposits jumped by 18.68 percent to P180.95 billion. 

Strong internal capital generation increased capital base by 17.52 percent to P30.66 billion from P26.09 billion. Capital adequacy ratio (CAR) stood at 13.16 percent as of September 2009. UBP has 170 branches, 193 onsite and offsite ATMs.