UNION Bank of the Philippines reported a P3.2 billion net income in the third quarter, up 77 percent from the previous quarter, bringing nine-month earnings to P6.5 billion.
Net revenues rose 7.2 percent year-on-year to P60.5 billion, driven by consumer lending growth. The parent bank’s unsecured consumer loans jumped 16 percent to P138.5 billion, now making up 60 percent of total loans.
Net interest income hit P47.5 billion, aided by a 6.4 percent margin, while credit costs fell to P4 billion.
Chief financial officer Manuel Lozano said the bank remains on track for growth, citing improved asset quality and stronger capital buffers. / KOC