MANILAslot8, Philippines — Strength in its consumer business caused a 31-percent surge in the 2024 earnings of Union Bank of the Philippines (Unionbank) to P12 billion.
In a disclosure to the stock exchange on Monday, the Aboitiz-led bank said margin expansion and higher fee-based revenues likewise supported profit growth.
Unionbank’s topline jumped by 12.4 percent to a record P79.5 billion.
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FEATURED STORIES BUSINESS BIZ BUZZ: Age just a number at KFC BUSINESS US tariffs: A blow to the world economy BUSINESS Mixed fuel price adjustments set on Tuesday, February 4Following its acquisition of Citi’s consumer business, Unionbank’s consumer loans now account for 61 percent of its loan portfolio, or nearly thrice the industry average, it said.
Net interest income expanded by 11.6 percent to P58 billion.
Article continues after this advertisement“Our retail-focused strategy allowed us to book record-high top line revenues. We should see the continued improvements in our net income moving forward, as we realize the synergies brought about by our integrated consumer operations,” Unionbank chief financial officer Manuel Lozano said in a statement.
Expenses eased by 1.4 percent to P44.3 billion.
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“Reaching 4,000 stores is an incredible milestone that reflects the trust and loyalty we’ve earned from our customers over the years. It’s also a tribute to the hard work and dedication of our team” Philippine Seven Corp. (PSC) co-founder and chairman of the board Jose Pardo said in a statement Tuesday.
“Nearly 3 billion people and more than half of the world’s food production are now in areas where total water storage is projected to declineslot8,” said the report by the Global Commission on the Economics of Water (GCEW).
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