A Union Bank branch in Manila on January 25, 2023. George Calvelo, ABS-CBN News

UnionBank

Benise Balaoing

ABS-CBN News

<p>MANILA — UnionBank said its net income climbed to P8.6 billion from January to September, higher by 6 percent from the same period last year.</p><p>In the third quarter alone, the Aboitiz-led lender said net income soared to 76 percent to P3.5 billion. </p><p>The bank said this is because of it&#x27;s expanding consumer portfolio, which now accounts for 60 percent of its total loan portfolio.</p><p>UnionBank said net total loans and receivables climbed to P523.2 billion, while low-cost deposits are at P419.4 billion.</p><p>The bank said it now has over 15 million customers. Some 500,000 of these are new credit card clients.</p><p>The bank also said assets stood at P1.1 trillion at the end of September.</p><p>Net interest income, meanwhile, jumped by 14.2 percent to P42.6 billion.</p><p>Union Bank posted a <a href="https://news.abs-cbn.com/business/2024/10/28/land-bank-pag-ibig-offer-calamity-loans-to-kristine-victims-831" rel="noopener noreferrer" target="_blank">20-percent drop</a> in net income in the first half of the year.</p><p>Manuel Lozano, the bank&#x27;s chief financial officer, said the lender can further expand its margins with the improving macroeconomic fundamentals and expected falling of interest rates.</p><div><strong>RELATED STORY:</strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/p_yb1cGGy1A?&amp;ab_channel=ANC24%2F7autoplay=1&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>UnionBank said its net income climbed to P8.6 billion from January to September.</p>

UnionBank said its net income climbed to P8.6 billion from January to September.

UnionBank net income grows 6 percent in Jan-Sept | ABS-CBN

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UnionBank net income grows 6 percent in Jan-Sept

UnionBank net income grows 6 percent in Jan-Sept

Benise Balaoing,

ABS-CBN News

Published Oct 28, 2024 11:46 AM PHT

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