Inquirer
UnionBank bottom line drops by 28.5% in Q1 on tax-related costs
Union Bank of the Philippines reported a 28.5% decrease in net income for the first quarter, amounting to P1.4 billion, primarily due to one-time costs.
Despite the dip in net profit, the bank's revenues increased by 8.4% to P19.4 billion during the same period.
UnionBank's Chief Financial Officer, Manuel Lozano, stated that normalizing for one-off expenses would show comparable net income to previous quarters and expressed confidence in exceeding 2024 performance.
Net interest income saw a 14.4% rise to P15.4 billion, driven by the expansion of the bank's consumer lending portfolio, particularly credit cards, personal loans, and teachers' loans.
Consumer loans now represent 62% of UnionBank's total loan portfolio.
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