Union Bank posts 20 pct decline in net income | ABS-CBN
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Union Bank posts 20 pct decline in net income
Union Bank posts 20 pct decline in net income
ABS-CBN News
Published Jul 29, 2024 01:57 PM PHT
Unionbank. Handout
Unionbank. HandoutMANILA -- Union Bank posted a 20 percent drop in net income in the first half.
MANILA -- Union Bank posted a 20 percent drop in net income in the first half.
The Aboitiz-led bank said net income settled at P5.1 billion for the first six months of 2024. It was at P6.4 billion in the same period in 2023.
The Aboitiz-led bank said net income settled at P5.1 billion for the first six months of 2024. It was at P6.4 billion in the same period in 2023.
Union Bank, however, delivered a strong topline at P37.3 billion, up 8.3 percent from 2023 figures. The bank said this is because of their expanding consumer business, higher net interest margin, and growing transaction fees.
Union Bank, however, delivered a strong topline at P37.3 billion, up 8.3 percent from 2023 figures. The bank said this is because of their expanding consumer business, higher net interest margin, and growing transaction fees.
The bank also said net interest income was also higher at P27.5 billion, driven by a 55bps hike in net interest
margin. The bank's net interest margin is among the highest in the industry at 5.7 percent, on the back of the higher proportion of consumer loans to total loans.
The bank also said net interest income was also higher at P27.5 billion, driven by a 55bps hike in net interest margin. The bank's net interest margin is among the highest in the industry at 5.7 percent, on the back of the higher proportion of consumer loans to total loans.
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Consumer loans now account for 59 percent of Union Bank's total loan portfolio. Total loans and receivables – net reached P514.8
billion. Assets, meanwhile, stood at P1.1 trillion as of the end of June.
Consumer loans now account for 59 percent of Union Bank's total loan portfolio. Total loans and receivables – net reached P514.8 billion. Assets, meanwhile, stood at P1.1 trillion as of the end of June.
Union Bank posted a net income of P9.2 billion in 2023.
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