Aboitiz-led Union Bank of the Philippines grew its first-quarter net profit by 40.8 percent year on year to P4 billion, the best quarterly bottom line in its history, mainly due to the double-digit expansion in trading gains and interest earnings.
Aboitiz-led Union Bank of the Philippines grew its first-semester net profit by 42 percent to P4.07 billion year on year as higher earnings from lending were complemented by trading gains.
The large trading gains that boosted the profitability of most Philippine banks in the first quarter may be difficult to sustain for the rest of the year due to uncertainties arising from the eurozone, said the chief of Union Bank of the Philippines.
Aboitiz-led Union Bank of the Philippines quadrupled its first-quarter net profit to a record-high P2.84 billion from a year ago on the back of hefty increases in trading gains.
Aboitiz Equity Ventures Inc. has no plans to sell its controlling stake in profitable banking unit Union Bank of the Philippines.
Aboitiz Equity Ventures Inc. heavily bought shares of Union Bank of the Philippines from the stock market in the past two days, citing upbeat prospects for its banking subsidiary.
Aboitiz-led Union Bank of the Philippines is set to redeem by September this year P1.29 billion worth of debt notes qualifying as tier2 or supplementary capital.
The Union Bank of the Philippines and Globe Telecom have teamed up on a mobile cash transfer service that seeks to strengthen their existing electronic platforms currently serving at least three million in combined retail customers.
