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UnionBank net income climbs 22% in 1st quarter
Union Bank of the Philippines reported a 22% increase in its first-quarter net profit, reaching P2.6 billion.
This growth was primarily fueled by robust earnings from lending activities, despite increased provisioning for potential loan losses.
The bank significantly boosted its loan loss buffer to P1.33 billion, a 7.6-fold increase from the previous year, in anticipation of the economic impact of the COVID-19 pandemic.
UnionBank's total revenues climbed 37% to P9.5 billion, with net interest income rising by 47% to P6.8 billion due to higher loan volumes and margins.
The bank's loan portfolio expanded by 24% year-on-year, with notable growth across commercial lending, consumer loans, SMEs, and credit card businesses.
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See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
Union Bank of the Philippines (UnionBank) significantly increased its loan loss provisions by 750% to P1.3 billion in the first quarter of 2020 as a precautionary measure against potential financial losses stemming from the COVID-19 pandemic and lockdown.
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Security Bank Corporation posted a 21 percent increase in net profit, reaching P2.9 billion in the first quarter of 2020.
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Bank of the Philippine Islands (BPI) reported a 5% decrease in net income for the first quarter of 2020, amounting to ₱6.39 billion.
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Rizal Commercial Banking Corporation (RCBC) reported a 77% year-on-year increase in net profit, reaching ₱2.3 billion in the first quarter of 2020, driven by strong core business performance and substantial trading gains.
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Metrobank reported a net income of P6.12 billion for the first quarter of 2020, a slight decrease of 9.3% from the previous year, largely due to a proactive doubling of its loan loss provisions to P5.0 billion to brace for the economic impact of the COVID-19 pandemic.
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