Aboitiz-led Union Bank of the Philippines (UnionBank) recorded a net income of P8.4 billion last year, down 16.8 percent from the P10.1 billion posted in 2016. The lender’s total assets reached a new high of P622.1 billion, representing an 18.6 percent annual growth, with total loans growing by 19.4 percent year-on-year to P281.0 billion. The bank’s loan portfolio is well-diversified, with consumer loans accounting for more than one-third of total loans. Financial results were driven by recurring income across all customer business segments,” UnionBank President and Chief Executive Officer Edwin Bautista said. “Amid investments in various digital initiatives, the Bank continues to sustain very solid profitability results,” he said.

Source: Manila Times January 26, 2018 16:18 UTC