UnionBank’s 1H 2018 net income up by P300 M to P4.7 B

On track with its growth target for the year, Union Bank of the Philippines (PSE:UBP) recorded a net income of P4.7 billion in the first six months of 2018, up by 8% compared to the P4.4 billion posted in the same period last year. This was driven by a 9.1% hike in net revenues to P12.7 billion from P11.7 billion a year ago. This translated to an annualized Return on Equity (ROE) and Return on Average Assets (ROA) of 12.8% and 1.6%, respectively, maintaining UnionBank’s current status as one of the most profitable, capital-efficient banks in the country. The bank sustained its robust performance from last quarter given double-digit growth from customer businesses. The Bank’s well-diversified loan portfolio increased by 18.0% year-on-year to P313.0 billion, with retail loans accounting for 33% of total loans. This boosted the bank’s total assets to reach P623.2 billion, up by 12.8% year-on-year from P552.6 billion in the same period a year ago. Assets were mainly supported by deposits at P452.9 billion. Read more @ https://unionbankph.com/about-us/news/page/340

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