UnionBank reports 30.69% net income increase, eyes future growth

UnionBank reported a 30.69 percent increase in net income to P12.03 billion for the year 2024, compared to P9.205 billion in 2023.

The growth is attributed to stronger consumer business, improved margins, and higher fee-based revenues following the acquisition of Citibank's consumer business earlier in the year.

Net interest income rose by 11.64 percent to P58.028 billion as a result of a 49 basis point increase in net interest margin to 6 percent, among the highest in the industry.

UnionBank’s CFO, Manuel Lozano, credited the bank's retail-focused strategy for record-high top-line revenues and expects continued investment to enhance customer experiences.

With a customer base now at 17 million, UnionBank is optimistic about future growth following the integration of Citi-branded consumer accounts.