UnionBank Net Income Up 28%

Union Bank of the Philippines (PSE: UBP) reported that net income has increased by 28.1% to Php2.4 billion in the first four months of 2016 as against the Php1.9 billion in the same period last year.

The growth in net income was driven mainly by the 34.6% growth in net interest income and 12.1% growth in servicing fees.

Customer loan growth was sustained, increasing by 26.5% year-on-year to Php193.8 billion.

Low-cost CASA deposits grew 17.5% year-on-year. As of April 2016, the Bank’s annualized ROE and ROA are at 12.1% and 1.6% respectively.

The increase in the Bank’s core businesses was anchored on its wholesale customer acquisition strategy, which leverages on corporate relationships and institutional partnerships. – BusinessNewsAsia.com

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