Union Bank profit up 16%
MANILA, Philippines - Union Bank of the Philippines (UnionBank) has reported a 16.2-percent increase in net income to P7.33 billion in the first nine months of 2013, from the P6.31 billion in the same period in 2012.
Net earnings for the whole of 2012 registered at P7.58 billion from P6.59 billion in 2011.
Net interest income expanded to P6.39 billion, up 17 percent from the P5.45 billion the previous year.
Non-interest income reached P10.4 billion in the first nine months of 2013, up 27.6 percent from the P8.2 billion in the same period last year.
Loans and other receivable amounted to P6.1 billion in the period in question, up 17 percent from the P5.2 billion in 2012. Deposits grew slightly by 14 percent to P2.8 billion.
Operating expenses however grew to P8.1 billion, 22 percent bigger than P6.6 billion in the previous year.
Total resources remained strong at P345 billion. However, total capital funds fell to P44.8 billion, down six percent from the P47 billion in 2012.
– Ted Torres
Total loan portfolio remained robust at P120.6 billion, while total deposit liabilities increased to P258 billion.
UBP has a branch network of 186 and 232 onsite and offsite automated teller machines (ATMs).
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