Plunging trading gains drive 21% dip in UnionBank earnings
Currency swings and market uncertainties have left a dent in this bank’s bottom line.
Union Bank of the Philippines reported a P6.4 billion net income as of end-September, down by 21% from a year ago.
In a disclosure, the bank owned by the bilyonaryo Aboitiz clan said the sharp drop was due to lower securities trading gains, which cancelled out double-digit increases in loans and fees collected by the lender.
Core income actually rose by 42.5%, the bank told the Philippine Stock Exchange, with total loans up by 20.2%.
Deposits also grew by a fifth to P437.5 billion.
The bank is eyeing zero trading gains this year, and wants to rely on interest and fee-based income instead.