UnionBank income up

MANILA, Philippines – The Union Bank of the Philippines (UnionBank) has expanded its net income by 44 percent. From P970 million in the first five months of 2008 it grew to P1.4 billion in the same period this year.

Interest income from loans expanded by 78 percent to P2.9 billion on the back of a more robust loan portfolio and healthy margins. Interest income from trading and investment securities improved by 33 percent to P1.7 billion.

Deposit level stayed strong at P168.8 billion as of May from P161.4 billion in end-2008.

Asset base stood at P212.6 billion up four percent up from P203.9 billion in end-2008. Capital funds stood at P28.9 billion at end-May, up from P27.1 billion at the end of last year.