UNION Bank of the Philippines registered a net income of P6.1 billion for the first six months of 2022. This is 27 percent lower year-on-year due to extraordinary trading gains recorded in the same period last year. Quarter-on-quarter, net income rose 32 percent to P3.5 billion in the second quarter of 2022 from P2.6 billion in the first quarter of 2022. The bank’s earnings performance translates to a return on beginning equity of 10.7 percent.

As of end-June 2022, total assets stood at P875 billion, or 19 percent higher than in the same period last year. Total loans and receivables are up 13 percent to P381 billion, while total deposits are 12 percent higher at P555 billion.

“Our first half performance highlights the strength of our core businesses and validates our retail-focused strategy. We have also accomplished major milestones geared towards achieving our aspirations of becoming the country’s best retail bank. UnionDigital started commercial operations that will allow us to offer financial services to the underserved consumer segment. We also received regulatory approvals to be the legal owner of Citi’s consumer banking business in the Philippines. Starting August 1, we will be able to accrue the value of the acquired Citi consumer banking business to UnionBank,” said Edwin R. Bautista, UBP president and chief executive officer.