MANILA, Philippines — The digital banking arm of Aboitiz-led Union Bank of the Philippines has disbursed P13 billion in loans and cornered a 75 percent market share of the industry’s lending business as of end-May this year.
The robust loan portfolio growth was attributed to the UnionBank ecosystem.
As a result, UnionDigital Bank attained a triple-digit percentage growth in its net income during the first half of the year compared to the second half of 2022.
UnionDigital Bank president and CEO Henry Aguda said the bank is committed to making a difference in the lives of all Filipinos by empowering them to pursue their aspirations.
“The commitment and hard work of our Ka-UBEHs in UnionDigital and UnionBank have pushed us to become one of the fastest digital banks in the world to achieve profitability,” Aguda said.
He pointed out that the Philippine banking is ready for the global stage.
“This milestone is not just UnionDigital’s win, but a collective victory that should be celebrated by the entire Digital Banking Association of the Philippines (DBAP) family as it affirms the world class innovation of the Philippine digital banking industry,” he said.
The Bangko Sentral ng Pilipinas (BSP) has endorsed the establishment of the DBAP, an initiative aimed at addressing the immediate priorities necessary for the prosperity and success of digital banks in the Philippines.
“As we emerge as the fastest to profit digital bank in the Philippines, the endorsement of the DBAP by the BSP is testament to the strong support of our regulator to the future of this industry. This initiative not only reflects our commitment to innovation but also reaffirms the BSP’s dedication to the growth and prosperity of Philippine digital banks. Together, we’re shaping a dynamic future for the industry,” Aguda said.