Union Bank of the Philippines posts cheery results

Another cash-flush Philippine bank reports sterling bottom line results for 2011.

Union Bank of the Philippines, a universal bank partly owned by the government, registered a 23% jump in net profit for 2011. That translates into an unaudited US$153 million last year as against its previous record annual net profit of US$124 million in 2010.

The bank’s trading gains surged 89% to US$125 million in 2011. Other income from service charges, fees and commissions rose by close to a quarter to US$19.7 million from 2010. Net loans and receivables increased by 10.7% to US$2.4 billion, giving the bank enough room to expand lending.

Net interest income, however, dropped slightly by one percent to US$162 million from 2010. Its loan book expanded by double-digits but margins narrowed because of low yields and stiffer competition.

UnionBank ended 2011 with a deposit base of US$4.7 billion, up 6% year-on-year.

UnionBank is a partnership among the Aboitiz Group, Insular Life and the government’s Social Security System. It is the Philippines’ eighth-largest bank in resources.

Also Read

Citi reels in new head of commercial bank for Korea

Gov’t support keeps APAC banks stable

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit