MANILA, Philippines — Union Bank of the Philippines (UBP) booked higher earnings in the first quarter on the back of consumer loan growth and the acquisition of Citi’s local business.
In a disclosure sent to the Philippine Stock Exchange on Tuesday, the Aboitiz-led bank reported its net income soared 30% year-on-year to P3.4 billion in the first quarter.
“We expect our core income to improve throughout the year as we grow our consumer portfolio,” said Manuel R. Lozano, company executive vice president and chief financial officer.
Net interest income posted growth as well, surging 43% on-year to P11.5 billion due in part the P3 billion contributed by UnionBank's acquisition of Citi’s consumer business, as well as consumer loan growth across its segments.
Net revenues skyrocketed 57% on-year to P16.1 billion in the first quarter.
Fees and other income ballooned 82% on a yearly basis to P4.2 billion from January to March, fueled by earnings from digital and card-related transactions.
Total deposits advanced 20% on-year to P692.9 billion in the first quarter, as UnionBank credited growth from its cash management and retail banking segments. — Ramon Royandoyan