Unionbank posts P2.9B profit in first quarter
Union Bank of the Philippines reported a 21.5 percent jump in its first quarter earnings to P2.9 billion as it continued to build its consumer lending portfolio.
The bank owned by the wealthy Aboitiz clan said growth was supported by a double-digit expansion on customer businesses.
Loans grew 15.9 percent to P293.1 billion, with consumer loans accounting for over a third of the the total.
Deposits also rose to P439.6 billion, with current and savings accounts also taking up a third of the total.
“Given our positive earnings performance in the first quarter, we are confident that we can attain our full-year target,” said UnionBank treasurer and CFO Jose Emmanuel Hilado.
“We expect earnings in the succeeding quarters to once again come from recurring income as we continue to grow our balance sheet,” he added.