UNIONBANK has recorded a net income of P4.2 billion for the third quarter of the year, an 11 percent increase compared to the same period in 2019 driven by higher recurring income.
Net interest income was up by 27 percent to P7.6 billion versus P5.9 billion in the same period last year due to significant margin improvement, while fee income increased by 18 percent to P621.7 million on account of higher service charges.
Year-to-date, the bank’s net income was at P8.5 billion, 0.9 percent lower year-on-year due to higher provision for loan losses set aside this year.
Earnings performance translated to a return on equity of 11.6 percent. The bank’s provision for loan losses amounted to P7.5 billion, which was mainly set aside due to continued weakness in the economy as a result of the coronavirus crisis. (PR)