Union Bank of the Philippines, one of the country’s biggest banks led by the Aboitiz Group, said Monday net profit in the first six months climbed 6 percent year-on-year to P6.4 billion.
UnionBank president and chief executive Edwin Bautista said in a statement that with the way things were going, he remained confident that the bank would be the most profitable retail bank in three years.
“All our consumer business-engines are running in full speed. We now have over 12 million customers. The acquired Citi business is contributing around one-third of our income today. CitySavings continues to be a market leader in providing salary loans. UnionDigital is already profitable and growing fast,” Bautista said.
“This kind of momentum gives me confidence that UnionBank will achieve its goal of becoming the largest and most profitable retail bank in the Philippines by 2025,” he said.
Net revenues went up 60 percent to P34.4 billion, while net interest income grew 41 percent to P24.0 billion, on the back of a 43-percent increase in loan portfolio, plus better net interest margin. Net interest margin improved 60 basis points to 5.2 percent.