UnionBank nets P2.6B in Q1

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UNIONBANK recorded a net income of P2.6 billion in the first quarter of 2022, translating to a return on equity of 9.2 percent.

The bank’s recurring income grew 21 percent versus the same period last year as net interest income increased by 12 percent to P8.1 billion and fee-based income more than doubled to P1.4 billion.

Net income, however, was lower by 45 percent due to extraordinary trading gains recorded in the first quarter.

As of end March 2022, total assets were at P844.4 billion, 13 percent higher than the same period last year.

Total loans and receivables were at P351.8 billion, up two percent year on year.

Total deposits were higher by 15 percent to P577.2 billion primarily driven by the sustained growth of current/savings account deposits at 28 percent to P356.5 billion.

“The optimism generated by the reopening of the economy is palpable and if the pandemic is behind us, we are hopeful that the economic gains since 2021 are sustainable.

While the ongoing Russia-Ukraine conflict could adversely affect investor and consumer sentiment, we think that the country’s economic fundamentals are strong enough to weather the challenges ahead.

We, therefore, remain optimistic that improving credit appetite and spending patterns will allow us to sustain momentum in our recurring income for the rest of 2022,” said Jose Emmanuel U. Hilado, treasurer and corporate planning services Head. (PR)

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