Union Bank of the Philippines (UnionBank), the 10th largest lender in asset size, reported a net income of ₱14 billion in 2019, more than double its earnings in 2018 of ₱6.87 billion, and it also improved its return on equity of 16.3 percent and return on assets of two percent, it said in a statement.
UnionBank President and CEO Edwin R. Bautista said the “record income in 2019” comes from its strong growth as “superior returns” were achieved “amid integration of new subsidiaries and continued investments in digital transformation.”
Bautista said digital strategy is key while scaling up businesses and at the same time maintaining lean operations.
Treasurer and CFO, Emmanuel U. Hilado said said the strong performance in 2019 was supported by “solid fundamentals given a healthy loan portfolio and steady margin recovery” while the “trading gains also boosted the bank’s bottomline.”
Last year, UnionBank’s revenues increased by 44 percent while customer loans went up by 21 percent to ₱393.4 billion. Its assets also increased by 15 percent to ₱770.9 billion. (Lee C. Chipongian)