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UnionBank net income for first half of 2023 at P6.4B
Union Bank of the Philippines delivered a net income of P6.4 billion in the first six months of 2023, up by 6 percent against the same period last year. Net revenues for the first half of the year amounted to P34.4 billion, increasing by 60 percent versus the same period last year. Net interest income grew 41 percent to P24.0 billion, largely attributable to the 43 percent increase in the bank’s loan portfolio plus better net interest margin. Net interest margin increased by 60 bps to 5.2 percent. The bank’s strong focus on high-yielding consumer loans more than offset the impact of the rising cost of funds. The bank’s proportion of consumer loans to total loans improved to 55 percent this year versus 42 percent last year. Fees and other income more than doubled to P10.5 billion, primarily due to card-related transactions, digital transactions and the growing base of the bank’s key subsidiaries. Operating expenses were up by 82 percent to P21.8 billion on account of one-time integration cost of the acquired Citi consumer business and the establishment of UnionDigital. Excluding the planned costs attributed to these new business segments, the increase in operating expenses was in line with volume growth. Total assets as of June 2023 amounted to P1.1 trillion, up by 27 percent from June 2022. Net loans and receivables climbed up by 43 percent to P522.2 billion, while total deposits increased by 25 percent to P693.3 billion. “We consider this year as a period of investing for our future. Our costs will temporarily be elevated this year, while the integration of the acquired Citi consumer business is ongoing. Having said this, we have a healthy earning asset base. We have a well-diversified consumer loan mix and all segments are growing in double digits. As soon as we complete the Citi integration, we expect a substantial reduction in operating expenses that will bring us back to above-industry ROE we have been known to deliver,” said Manuel R. Lozano, executive vice president and chief financial officer. “All our consumer business engines are running in full speed. We now have over 12 million customers. The acquired Citi business is contributing around one-third of our income today. CitySavings continues to be a market leader in providing salary loans. UnionDigital is already profitable and growing fast. This kind of momentum gives me confidence that UnionBank will achieve its goal of becoming the largest and most profitable retail bank in the Philippines by 2025.” said Edwin R. Bautista, president and chief executive officer. The post UnionBank net income for first half of 2023 at P6.4B appeared first on Daily Tribune......»»
Digital ops drive UBP profit up 30%
Union Bank of the Philippines grew its net income to P3.4 billion in the first quarter of 2023, up 30 percent from that level in the same period last year due to higher volumes of digital and credit card transactions. Net revenues jumped by 57 percent to P16.1 billion from January to March, according to UBP’s disclosure to the Philippine Stock Exchange on Tuesday. Net interest income rose by 43 percent to P11.5 billion from the level of the first quarter last year, with a high volume of transactions worth P3 billion from the acquired consumer business of Citi Philippines. Citi Phl consumer business UBP successfully concluded the deal over Citi business in August last year to tap the latter’s credit card holders. Growth in interest income was also supported by loans from UBP’s fully digital arm UnionDigital Bank and its thrift bank City Savings Bank. Net loans and receivables climbed by 39 percent to P490 billion. Meanwhile, income from fees and other sources, except trading business, soared by 82 percent to P4.2 billion as digital and credit card transactions ballooned. Strong momentum “There is strong momentum in the acquired credit card business from Citi. New-to-bank card customers are at a record level,” UBP president Edwin Bautista said. Total deposits rose by 20 percent to P692.9 billion. As a result, net interest margin improved to 5.21 percent or 54 basis points higher, showing better balance between funding costs and income. Retail focus “Our retail focus has allowed us to preserve our margins against a backdrop of continued policy rate hikes. We expect our core income to further improve throughout the year as we grow our consumer portfolio,” UBP chief financial officer Manuel Lozano said. Total assets expanded by 30 percent to P1.1 trillion, while earning assets grew by 28 percent. Lozano said operating expenses remained high due to the ongoing transition of Citi’s employees and system to UBP. “Our expenses this year are still elevated due to one-offs, as we are still running on two systems to integrate the Citi consumer business into ours.” The post Digital ops drive UBP profit up 30% appeared first on Daily Tribune......»»
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