Unionbank earnings grew 6% to P8.6B in first nine months

With the key acquisition, UnionBank becomes one of the top issuers of credit cards in the Philippines. —INQUIRER FILE PHOTO

The earnings of Aboitiz-led Union Bank of the Philippines in the first nine months of the year inched up by 6 percent to P8.6 billion on the expansion of its consumer portfolio.

In a stock exchange filing on Monday, Unionbank said its net revenues reached a record P57.7 billion, up by 9.2 percent.

READ: UnionBank pumps P1.6 billion more into digital

Net interest income, meanwhile, expanded by 14.2 percent to P42.6 billion. Consumer loans accounted for 60 percent of its loan portfolio, which Unionbank pointed out was thrice the industry average.

“The bank efficiently allocated its capital to expand its consumer lending activities, which was evident in our record-high net revenues,” Unionbank CEO Edwin Bautista said in a statement.

As of end-September, the bank’s total assets reached P1.1 trillion.