UnionBank posts 40% net profit growth

Union Bank of the Philippines posted a 40-percent year-on-year growth in net profit of P8.5 billion in the first nine months of 2019 as the bank unlocked higher revenues from assets and trading gains.

The bank’s earnings translated to a return on equity of 12.6 percent, outperforming most of its peers.

“Net income for the year was boosted by strong trading gains, as well as improvement in our margins,” said Jose Emmanuel Hilado, UnionBank treasurer and CFO.

“Net interest margin in third quarter 2019 increased by 100 basis points compared to its low during the start of the year,” Hilado said in a press statement.

Edwin Bautista, UnionBank president, said “digital transformation plans are ahead of schedule.”

“We recorded solid growth across the different business segments,” Bautista said of the Aboitiz-led bank’s performance.

“We are fortunate that the substantial improvement in margins and trading gains from favorable market conditions have converged,” he said./TSB