UnionBank net income up by 31 pct in 2024 | ABS-CBN
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UnionBank net income up by 31 pct in 2024
UnionBank net income up by 31 pct in 2024
MANILA -- UnionBank said its net income climbed to P12 billion in 2024, up 31 percent from the P9.2 billion it made in 2023.
MANILA -- UnionBank said its net income climbed to P12 billion in 2024, up 31 percent from the P9.2 billion it made in 2023.
The lender said this is because of a stronger consumer business, higher margins, and more fee-based revenues.
The lender said this is because of a stronger consumer business, higher margins, and more fee-based revenues.
Net interest income climbed on the back of net interest margin climbing 49 basis points to 6 percent. Net interest income reached P58 billion.
Net interest income climbed on the back of net interest margin climbing 49 basis points to 6 percent. Net interest income reached P58 billion.
Net revenues, meanwhile, jumped 12.4 percent to P79.5 billion.
Net revenues, meanwhile, jumped 12.4 percent to P79.5 billion.
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UnionBank said it now has 17 million customers.
UnionBank said it now has 17 million customers.
“Our retail-focused strategy allowed us to book record-high top line revenues," chief financial officer Manuel Lozano said.
“Our retail-focused strategy allowed us to book record-high top line revenues," chief financial officer Manuel Lozano said.
UnionBank said its net income climbed to P8.6 billion from January to September 2024 as its consumer portfolio grew.
UnionBank said its net income climbed to P8.6 billion from January to September 2024 as its consumer portfolio grew.
In 2024, the bank completed its acquisition of Citibank's consumer business in the country.
In 2024, the bank completed its acquisition of Citibank's consumer business in the country.
“After completing the migration of Citi-branded consumer accounts early last year, we continue to invest
heavily to ensure that we elevate customer experiences," said president and chief executive officer Ana Aboitiz Delgado.
“After completing the migration of Citi-branded consumer accounts early last year, we continue to invest heavily to ensure that we elevate customer experiences," said president and chief executive officer Ana Aboitiz Delgado.
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