UnionBank net income at all-time high in 2016

Aboitiz-led Union Bank of the Philippines (UnionBank) on Monday said its consolidated net income posted an all-time high in 2016, driven by the improved performance of its core businesses during the period.

In a filing on the local stock exchange, UnionBank said its consolidated net income grew by 67 percent to P10.1 billion last year, up from the P6.0 billion in 2015.

"We are very pleased with our collective results. All of our major business segments contributed significantly to the bottom-line," UnionBank President and Chief Operating Officer Edwin R. Bautista said.

According to the company, total loans climbed by 31 percent to P235.4 billion, bringing total assets to P524.4 billion. Total deposits also grew 21 percent to P376.5 billion.

Recurring revenues grew by 21 percent to P19.2 billion, while net interest income expanded by 22 percent to P14.8 billion.

"Fully year performance was also enhanced by tax-exempt profits from securities sold in the second half of the year to support the Bank's loan growth strategy," UnionBank said.

UnionBank stocks opened Monday at P78.50 per share, down from last Friday's P77.80 per share. —Jon Viktor Cabuenas/KG, GMA News