Unionbank earnings jump 31% to P12 billion in 2024

Union Bank of the Philippines (Unionbank) reported a 31 percent surge in its 2024 earnings, reaching P12 billion, a significant increase from P9.2 billion in 2023.

This growth was primarily driven by the strength of its consumer business, higher margins, and increased fee-based revenues.

The bank's topline revenue increased by 12.4 percent to a record P79.5 billion, with net interest income reaching P58 billion.

Following the acquisition of Citi's consumer business, Unionbank's consumer loans now represent 61 percent of its total loan portfolio.

Unionbank now serves 17 million customers.

CFO Manuel Lozano expressed optimism that the bank's retail-focused strategy will lead to continued improvements in net income.

President and CEO Ana Aboitiz Delgado highlighted ongoing investments to elevate customer experiences after migrating Citi-branded consumer accounts.