Union Bank of the Philippines (UBP), the financial arm of the Aboitiz Group, saw its net income increase 31 percent in 2024 to P12 billion from a year ago, on the back of strong revenues.
UBP said in a disclosure to the stock exchange Monday its positive full-year performance was due to strong consumer business, margin expansion and higher fee-based revenues.
“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,” said UBP chief finance officer Manuel Lozano.
Net revenues grew 12.4 percent year-on-year to hit a new record high of P79.5 billion. Net interest income also went up by 11.6 percent to P58 billion as the bank’s net interest margin improved by 49 basis points to 6 percent.
UBP said its fee income as a proportion of its assets is nearly double the Philippine banking industry’s average, fueled by increasing customer transactions such as bills payments and funds transfers, as well as interchange and other card-related fees.