UnionBank says net income up 40% in first nine months

Union Bank of the Philippines on Monday said its net income climbed 40% in the first nine months of the year, fueled by earning assets growth.

Net income rose to P8.5 billion in January to September, the Aboitiz-led bank said in a regulatory filing submitted by vice president Buenaventura Sanguyo Jr.

“Net income for the year was boosted by strong trading gains, as well as improvement in our margins,” said Jose Emmanuel Hilado, UnionBank treasurer and CFO.

The  bank’s net interest margin rose by 100 basis points in the third quarter, while consumer and middle-market loans sustained “healthy”growth, Hilado noted.

The bank registered assets worth P685.8 billion as of end-September, up from P643.0 billion, while total loans grew by 10% to P346.3 billion.

“Our digital transformation plans are ahead of schedule. We recorded solid growth across the different business segments,” said UnionBank president Edwin Bautista.

“We are fortunate that the substantial improvement in margins and trading gains from favorable market conditions have converged,” he added. —VDS, GMA News