UnionBank earnings up 6% on strong loan growth

Union Bank of the Philippines reported a 6% increase in earnings, reaching P8.6 billion during the first nine months of the year.

This growth was primarily driven by the expansion of its consumer loan portfolio, which now constitutes 60% of its total loans.

In the third quarter alone, the Aboitiz-led lender's net income soared 76 percent to P3.5 billion.

The bank's net revenues climbed by 9.2% year on year to P57.7 billion in the first nine months.

UnionBank now serves over 15 million customers, with active users of its digital channels increasing to 5.6 million.

UnionBank CEO Edwin R. Bautista stated that new-to-bank credit card customers per month are averaging 2.5 times higher than last year, and digital fund transfer transactions have grown by 40% year-on-year.