dearJulius.com

UnionBank books higher bottom line at end-September

UNIONBANK of the Philippines, Inc. posted double-digit growth in its net profit at end-September, driven by robust revenues on the back of more earning assets and strong trading gains.

In a disclosure to the local bourse on Monday, the bank said its net income grew 40% to P8.5 billion in the first nine months. It did not provide third-quarter figures.

The bank attributed the increase to strong trading gains and improved interest margin which rose by 100 basis points in the third quarter.

“Net income for the year was boosted by strong trading gains, as well as improvement in our margins. Net interest margin in 3Q2019 increased by 100bps compared to its low during the start of the year. Additionally, consumer and middle-market loans sustained healthy growths,” Jose Emmanuel U. Hilado, UnionBank treasurer and chief financial officer, was quoted as saying.

UnionBank’s return on equity stood at 12.6%.

The lender’s total loans also climbed 10% year-on-year to P346.3 billion.

This was mainly driven by the 37% increase in the parent bank’s credit card business as well as the growth in consumer loans, small-and-medium enterprises banking and commercial lending, increasing by 31%, 42% and 13%, respectively, the bank said.

The bank’s total assets stood at P685.8 billion as of end-September, 6.66% higher than the P643 billion booked in the same period in 2018.

“We recorded solid growth across the different business segments. CitySavings [Bank] also stabilized — delivering around P15 billion in salary loan releases and 9,000 motorcycle units during the third quarter,” UnionBank President Edwin R. Bautista said.

“We are fortunate that the substantial improvement in margins and trading gains from favorable market conditions have converged,” Mr. Bautista added.

UnionBank shares finished at P60.05 each on Monday, up 85 centavos or 1.44% from Friday’s close. — Beatrice M. Laforga

The post UnionBank books higher bottom line at end-September appeared first on BusinessWorld.

See more at: BusinessWorld

COMMENTS



Like & Follow to Stay Updated ...


Made with in NYC
Name

BusinessWorld,115,Manila Bulletin,2,
ltr
item
Philippines Banking and Finance: UnionBank books higher bottom line at end-September
UnionBank books higher bottom line at end-September
http://feeds.feedburner.com/~r/BankingFinanceBusinessworld/~4/8OLB3TbAXR4
Philippines Banking and Finance
https://banking-finance.ph.dearjulius.com/2019/10/unionbank-books-higher-bottom-line-at.html
https://banking-finance.ph.dearjulius.com/
https://banking-finance.ph.dearjulius.com/
https://banking-finance.ph.dearjulius.com/2019/10/unionbank-books-higher-bottom-line-at.html
true
2065174130902003267
UTF-8
Loaded All Posts Not found any posts VIEW ALL Read More Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content