Union Bank of the Philippines said Tuesday net income in the first three months jumped 30 percent year-on-year to P3.4 billion.
UnionBank president and chief executive Edwin Bautista, in a statement, listed a number of factors that contributed to the bank’s better performance in the first quarter. “UnionDigital is already profitable after less than a year in operation. There is strong momentum in the acquired credit cards business from Citi. New-to-bank card customers are at a record level. We are geared up to grow our retail banking business,” Bautista said.
UnionDigital Bank, a fully-digital lender, secured its approval to operate from the Bangko Sentral ng Pilipinas on July 12, 2022.
Bautista said UnionBank has sufficient capital coming from the recent stock rights offering to further grow its earning asset base.
Net revenues, which largely came from recurring income, increased 57 percent year-on-year to P16.1 billion. Net interest income grew 43 percent to P11.5 billion, driven by the P3-billion contribution of the acquired Citi consumer business and strong consumer loan growth in the parent bank, CitySavings and UnionDigital. Julito G. Rada