- Union Bank of the Philippines’ (PSE:UBP) 2018 net income was at Php7.3 billion. Total income taken to retained earnings amounted to Php8.5 billion, inclusive of adjustments related to the adoption of PFRS9 accounting standards during the year.
- The strong performance of key business segments provided the cushion to the margin compression arising from higher interest rates.
As of end 2018, UnionBank’s total assets reached Php674.2 billion. Customer loans increased by 16% year-on-year to Php326.1 billion, with retail loans accounting for 33% of total loans. All customer businesses, except CitySavings, posted double-digit growth in volume.
“The strong performance of key business segments provided the cushion to the margin compression arising from higher interest rates. We expect margins to be better in 2019 as assets reprice. We also expect CitySavings’ performance to innprove this year, particularly due to its continued access to DepEd’s automatic payroll deduction system,” said lose Emmanuel U. Hilado, UnionBank Treasurer and CFO.
“We posted strong returns over the past three years while making major investments in technology and people. From 2015 to 2017, we laid out the technology infrastructure and boosted organizational capabilities to support our digital strategy. In 2018, we focused on the critical digital customer touch points. 2019 will usher the 3’d phase of our digital transformation journey — the scaling up of these touch points through enhanced features in our mobile app, roll-out of more Arks, and launch of our business banking platform,” said Edwin R. Bautista, UnionBank President and CEO.
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