UnionDigital Bank racks up TAB honors

UnionDigital Bank, the digital banking arm of Union Bank of the Philippines, has secured the prestigious title of “Best Digital Bank in the Philippines” at the Global Excellence in Retail Finance Awards 2024, hosted by TAB Global.

In a statement, UnionDigital Bank said it sees the award as proof of its unwavering commitment to innovation and its dedication to providing cutting-edge digital banking solutions.

It described its performance in 2023 as nothing short of remarkable, with its balance sheet seeing a significant surge, with both deposits and loans more than doubling compared to the previous year.

By December 2023, UnionDigital Bank captured a commanding 65 percent market share in loan portfolios, thereby solidifying its position as a leader in that category.

Additionally, it secured the second-place spot among digital banks in terms of deposits, boasting a commendable 25 percent share. The bank’s loan-to-deposit ratio also climbed from 58 percent at the end of 2022 to 69 percent by December 2023, surpassing its digital banking competitors.

UnionDigital Bank revealed it achieved profitability in 2023 as its revenue soared 13 times to reach 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,” said Henry Aguda, CEO of UnionDigital Bank.

“This honor reflects 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,” he added.