Union Bank of the Philippines, one of the largest lenders in terms of assets, said Monday it posted a net income of P12.7 billion in 2022, almost unchanged from P12.6 billion in 2021.
UnionBank said in a disclosure to the stock exchange this translated into a return on average equity of 9.7 percent, which took into consideration the impact of the P40-billion additional capital from the stock rights offer in May 2022.
“In 2022, we witnessed a momentous shift in our business model. We have a solid balance sheet that continues to provide us above industry net interest margins. The shift in digital also allowed us to grow our fees coming from mobile fund transfers and payments. We were able to book the same bottomline as the previous year, but with less reliance on trading,” said UnionBank executive vice president and chief finance officer Manuel Lozano.
UnionBank president and chief executive Edwin Bautista said the bank made a commitment at the start of 2022 to execute on key strategic imperatives. These include the seamless integration of the acquired Citi consumer business and the commercial launch of UnionDigital as one of the six digital banks licensed by the Bangko Sentral ng Pilipinas.