UnionBank net income up 22% in Q1
UnionBank of the Philippines reported a 22% increase in net income to P2.641 billion for the first quarter of 2020.
Revenues rose by 37% to P9.5 billion, with net interest income surging 47% to P6.8 billion.
The bank's loan book grew by 24%, driven by increases in commercial lending (35%), consumer loans (34%), SME banking (25%), and credit card business (15%).
UnionBank also increased its provisions for loan losses sevenfold to P1.3 billion, anticipating the impact of the COVID-19 pandemic on its credit portfolio.
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