Union Bank 2009 income swells by 109%

MANILA, Philippines - The Union Bank of the Philippines (UnionBank) reported a net income of P4.325 billion in 2009, or 109 percent higher than the P2.068 billion recorded in 2008. Incidentally, earnings in 2007 reached P2.9 billion.

Net interest income rose by 10 percent to P6.46 billion from P5.87 billion the year before. Deposits expanded by 20 percent, from P161.4 billion in 2008 to P194.5 billion last year.

Loans meanwhile grew slightly to over P100 billion last year, or 10 percent better than the P90.7 billion in 2008. Total resources meanwhile improved by over 10 percent to P244 billion from P203 billion.