UnionBank Q1 net income dips by 28.5%

UnionBank Q1 net income dips by 28.5%

MANILA, Philippines – One-time costs dragged the net profit of Union Bank of the Philippines in the first three months of the year by 28.5 percent to P1.4 billion.

The Aboitiz-led bank said in a regulatory filing on Monday its revenues grew by 8.4 percent to P19.4 billion during the period.

“If we normalize for the impact of one-offs, our net income would be comparable to prior quarters,” UnionBank chief financial officer Manuel Lozano said in their disclosure. “Moving forward, we expect performance to get back to this trajectory and we remain confident that we will exceed our 2024 performance.”

Net interest income improved by 14.4 percent to P15.4 billion as the bank grew its consumer lending portfolio, with credit cards, personal loans and teachers’ loans growing the fastest, according to UnionBank.

Consumer loans currently account for 62 percent of UnionBank’s total loan portfolio.