Union Bank of the Philippines’ net income doubles to $62.69m in Q1

It noted some trading losses associated with the Iran conflict, however.

UnionBank of the Philippines (UBP) reported a net income of $62.69m (PHP3.8b) in Q1 2026, up 167% year-on-year (YoY) from a year earlier.

The bank saw significant earnings uptrend despite some trading losses that it attributed to market volatility associated with the Iran conflict.

Net income grew 8.7% quarter-on-quarter (QoQ).

Net revenues rose 11.8% YoY to $357.96m (PHP21.7b). Total customers rose to 18.9 million, 7.6% YoY higher than a year earlier.

Net interest income (NII) grew to $277.13m (PHP16.8b), lifted by consumer lending. Unsecured products rose 19.2% YoY to $2.53b (PHP153.1b), whilst institutional loans increased by 11.5% YoY to $3.69b (PHP223.7b).

Net interest margin rose 34 basis points (bps) to 6.7%.

Credit costs declined by 17.9% YoY to $74.23m (PHP4.5b), and improved 19.1% QoQ, UBP said.

Recent geopolitical developments introduced potential risks, said UBP’s chief financial officer Manuel Lozano.

“Our immediate focus is to ensure we effectively navigate the impact of recent developments. We are strongly positioned in terms of capital and liquidity, and we remain focused on protecting earnings to maintain our good performance despite the heightened market volatility,” Lozano said.

(US$1 = PHP 60.62)