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UnionBank  of  the  Philippines  (UnionBank)  registered  a  consolidated  net  income  of  Php3.2 billion for the first  half  of 2014,  compared to the  Php6.2  billion earned  in the same  period the previous year, when exceptionally high trading gains  were realized.  This translates to return on equity and return on assets  at  13.7% and 1.6%, respectively.    The Bank’s revenue-to-expense ratio stood at 1.9x, consistent with the Bank being among the most cost-efficient in the industry. read more
Union Bank of the Philippines (UnionBank) posted a net income of Php1.5 billion for the first three months of 2014, 61% lower than the Php4.0 billion earned a year ago,largely on account of the exceptionally high trading gains in the same quarter last year. Net interest income improved by 25% to Php2.6 billion, on the back of the 43% expansion in average levels of earning assets coupled with the continuous reduction in average funding costs.  Service charges, fees and commissions similarly increased by 73% to Php0.9 billion, driven primarily by the strong loan releases of the newly acquired CitySavings Bank. read more
For the fifth consecutive year, Union Bank of the Philippines (UnionBank) registered a record-high net income of Php9.0 billion in 2013, 19% higher than the Php7.6 billion earned the previous year. Net interest income surged by 22% to Php8.9 billion underpinned by the robust expansion of earning assets. Similarly, other income rose by 17% to Php12.6 billion principally due to the surge in service charges, fees and commissions attributed to loan bookings of CitySavings. read more
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October 20, 2014

The local bond market started the week slowly, only totaling Php 7.04-billion worth of trades. Bulk of the amount was though was dealt direct between FXTNs 3-20 and 10-59. Yields on these done trades closed almost flat from last week. Market players are likely waiting for the 3-year bond auction tomorrow, as well as BSP's policy meeting on Thursday.

Indicative range of bids for tomorrow's FXTN 3-21 reissuance remains unchanged at 2.625-2.50percent. However, not much demand is seen for now, and it is still uncertain if the amount of bids will reach the Php 25-billion offer.

BUYING: 44.350 | SELLING: 45.150
October 21, 2014

Philippine Peso Fixed Income 2014-10-17
242.961827 0.670000% 0.630000%
Dollar Bond 2014-10-17
1.971114 3.360000% 3.980000%
Peso Balanced Fund 2014-10-17
149.888202 9.830000% 4.330000%
Large Cap 2014-10-17
755.884471 14.350000% 6.030000%
Peso Short Term Fixed Income 2014-10-17
130.641162 0.360000% 0.500000%
Long Term Fixed Income 2014-10-17
125.243683 -1.400000% -0.880000%
Intermediate Term Fixed Income 2014-10-17
151.460668 0.410000% 0.970000%
Infinity Prime 2014-10-17
150.577579 0.430000% -0.120000%
Tax Exempt 2014-10-17
173.518551 1.980000% 2.090000%
Dividend Play Equity 2014-10-17
101.836000 1.840000% 1.840000%
Philippine Equity Index Tracker Fund 2014-10-17
102.422435 2.420000% 2.420000%

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