UnionBank of the Philippines announced a P4.7 billion net income from January to June this year or a 6.8 percent rise from the P4.4 billion net income registered during the same period last year.
The bank also saw a boost in its net revenues expanding by 9.1 percent to P12.7 billion in the first half of 2018 from P11.7 billion last year.
Jose Emmanuel Hilado, UnionBank’s Treasurer and CFO, said, “We are ahead of our target for the year despite margin compression in the first half due to higher interest rates and regulatory compliance.” He expects a recurring income for the remainder of the year that would further drive the bank’s profitability.
“We anticipate margins to improve as loan rates start to catch up against deposit cost,” he added.
The country’s ninth lender’s assets now stand at P623.2 billion, up by 12.8 percent year-on-year from P552.6 billion in the same period a year ago. Deposits mainly supported assets at P452.9 billion.
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UnionBank president and CEO Edwin R. Bautista said the bank is on track in its digital transformation and the market is starting to notice. Recently, the 2018 Euromoney Awards for Excellence recognized UnionBank as Asia’s Best Bank Digital Transformation in.
“Moreover, our Project i2i in collaboration with rural banks was highlighted in the technology space as a commendable use case of blockchain to drive societal change and inclusive prosperity. We look forward to launching more innovations in the industry as we aim to be among the pioneers in the field of blockchain technology and the token economy,” he said.
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