UnionDigital Bank, a subsidiary of Union Bank of the Philippines, emerged as a leader in digital banking as it secured the distinguished “Best Digital Bank in The Philippines” during the Global Excellence in Retail Finance Awards 2024 organized by TAB Global.
The achievement underscores UnionDigital Bank’s relentless pursuit of innovation and its dedication to providing cutting-edge digital banking solutions.
UnionDigital Bank in 2023 witnessed a remarkable surge in its balance sheet, observing an increase in both deposits and loans, more than doubling its previous performance.
It said that as of December 2023, the bank attained a substantial 65-percent market share in loan portfolio size, while in deposit, it ranked second among digital banks with a 25-percent share.
The bank’s loan-to-deposit ratio surged from 58 percent at the end of 2022 to 69 percent, surpassing that of its digital banking counterparts in the country.
This period also marked a significant milestone as UnionDigital Bank achieved profitability in 2023, showcasing extraordinary growth with revenue soaring by 13 times to over P5 billion.
“Being acknowledged as the ‘Best Digital Bank in The Philippines’ confirms UnionDigital Bank’s dedication to pioneering innovation and delivering exceptional value to our customers. This honor mirrors the hard work and dedication of our team in setting new benchmarks for digital banking and continuously striving to lead the industry into the future,” said UnionDigital chief executive Henry Aguda.