Union Bank income up
MANILA, Philippines - The Union Bank of the Philippines (UnionBank) reported an 18.42-percent expansion in net income to P9.03 billion last year from P7.6 billion in 2012.
Net interest income grew 21.75 percent to P8.9 billion from the previous year’s P7.31 billion, buoyed by robust lending.
Loans expanded to P8.35 billion, up 19.6 percent from P6.98 billion. Deposits, meanwhile, were up slightly to P3.74 billion.
Non-interest income grew to P12.6 billion, nearly 17 percent higher than the P10.8 billion in 2012. The modest growth was pulled down by trading gains, which slightly fell by 4.6 percent to P6.1 billion from P6.4 billion in 2012.
However, service charges, fees and commissions hit P2.4 billion up nearly 180 percent from the P861 million in 2012.
Overall loan portfolio expanded to P142.1 billion in 2013, or 18.7 percent higher than the P119.7 billion in 2012.
Total deposit portfolio ballooned to P298.2 billion last year or 57 percent bigger than the P189.8 billion in 2012.
UnionBank is a member of the Aboitiz group of companies. The universal bank is co-owned likewise by the Social Security System (SSS) and the Insular Life Insurance Co.
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