UnionBank slips to P8.4B due to lower trading gains
Even upbeat lending could not match 2016 profits.
The Union Bank of the Philippines made P8.4 billion in net income in 2017, lower than the P10.1 billion reported a year ago. This came in the absence of one-time gains from securities trading, which drove profits up in 2016.
Excluding trading gains, core income surged by 30.4 percent to P8.2 billion. In particular, total loans jumped by 19.4 percent to reach P281 billion, against an 18.9 percent rise in deposits to P447.6 billion.
“The bank’s loan portfolio is well-diversified, with consumer loans accounting to more than one-third of total loans,” the bank said in a disclosure.
“We are pleased to continue making major headway on both our business and digital transformation strategies. Financial results were driven by recurring income across all customer business segments,” UnionBank President Edwin Bautista also said.