Listed Union Bank of the Philippines’ (UnionBank) net profit increased to P2.6 billion in the first quarter of the year. The latest amount was 20.20-percent higher than the P2.16 billion posted in the same period last year. Meanwhile, the bank recognized higher provisions in the first quarter of the year in anticipation of the potential impact of the coronavirus disease 2019 pandemic on its credit portfolio. With this, its provision for loan losses increased by 7.6 times to P1.3 billion from P174.6 million in the previous year. Bautista also encouraged clients to bank from home and take advantage of the features of UnionBank Online app such as digital account opening, online check deposits, fund transfers and remittance to partner outlets.

Source: Manila Times April 27, 2020 16:41 UTC