MANILAcrazywin, Philippines — Strength in its consumer business caused a 31-percent surge in the 2024 earnings of Union Bank of the Philippines (Unionbank) to P12 billion.
In a disclosure to the stock exchange on Monday, the Aboitiz-led bank said margin expansion and higher fee-based revenues likewise supported profit growth.
Philippine trade undersecretary Allan Gepty, who is leading the negotiations happening in Dubai for the southeast Asian country, said they will hold talks until Wednesday to complete the remaining work for the Comprehensive Economic Partnership Agreement (CEPA).
Another record session Friday on Wall Street crowned a sixth weekly gain in a row, but failed to carry over into Monday and inspire a similar rally elsewhere.
Unionbank’s topline jumped by 12.4 percent to a record P79.5 billion.
Article continues after this advertisementREAD: UnionBank pumps P1.6 billion more into digital
FEATURED STORIES BUSINESS DoubleDragon offers 7.77% rate for 7-year bonds BUSINESS BIZ BUZZ: Salcedo Auctions vs. Martel trademark war BUSINESS Laguna hydro power plants up for outright saleFollowing its acquisition of Citi’s consumer business, Unionbank’s consumer loans now account for 61 percent of its loan portfolio, or nearly thrice the industry average, it said.
Net interest income expanded by 11.6 percent to P58 billion.
Article continues after this advertisement“Our retail-focused strategy allowed us to book record-high top line revenues. We should see the continued improvements in our net income moving forward, as we realize the synergies brought about by our integrated consumer operations,” Unionbank chief financial officer Manuel Lozano said in a statement.
Expenses eased by 1.4 percent to P44.3 billion.
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