UNION Bank of the Philippines of the Aboitiz group, the 10th largest lender in terms of assets, said net income in 2017 fell 16.8 percent to P8.4 billion from P10.1 billion a year ago, pulled down by lower trading gains.
The bank said in a disclosure to the stock exchange Friday excluding one-time gains from securities trading a year ago, core income was up by a robust 30.4 percent to P8.2 billion from P6.3 billion in 2016.
Total assets reached a new high of P622.1 billion, up 18.6 percent, with total loans growing 19.4 percent to P281 billion. The bank’s loan portfolio is well-diversified, with consumer loans accounting to more than one-third of total loans.
Total deposits similarly registered an 18.9-percent increase from P447.6 billion a year ago.