Unionbank of the Philippines reported yesterday a net income of P2.2 billion for the first quarter, a 75 percent increase from the fourth quarter of 2018 due to higher earning asset base, lower operating expenses and provision for losses.
Operating expenses declined by 12 percent to P4.3 billion while provision for losses was down by 70 percent. Net revenues increased by 2.0 percent to P7.0 billion.
The bank said the higher earnings resulted to a return on equity (ROE) of 9.6 percent, return on assets (ROA) of 1.3 percent and revenue-to-expense ratio of 1.6 times.
As of end-March 2019, UnionBank’s total assets have breached the P700 billion mark. Customer loans reached P315.0 billion with retail loans accounting for more than 1/3 of total loans.
“We are confident to sustain the double-digit expansion of our lending businesses with 2019 marking our 5th consecutive year of above-industry loan growth. On the digital front, we want the market to watch out for the roll-out of more Arks, the launch of more functionalities in our UnionBank Online app, and deployment of the 100 cadets from our Blockchain Institute to tech-up our customers,” added Edwin R. Bautista, UnionBank President and CEO.