Net Income up by 28% to Php2.4 billion as of end-April 2016
At the Annual Stockholders’ Meeting held today, Union Bank of the Philippines (PSE: UBP) reported that net income has increased by 28.1% to Php2.4 billion in the first four months of 2016 as against the Php1.9 billion in the same period last year. The growth in net income was driven mainly by the 34.6% growth in net interest income and 12.1% growth in servicing fees. Customer loan growth was sustained, increasing by 26.5% year-on-year to Php193.8 billion. Low-cost CASA deposits grew 17.5% year-on-year. As of April 2016, the Bank’s annualized ROE and ROA are at 12.1% and 1.6% respectively.
The increase in the Bank’s core businesses were anchored on its wholesale customer acquisition strategy, which leverages on corporate relationships and institutional partnerships. The Bank has always been in the forefront of innovation in order to support the continuously evolving customer expectations. Digital transformation for UnionBank would mean the ability to provide customers with 24/7 banking operations, six-sigma reliability and straight-through processing of transactions.
“With the ultimate objective of customer centricity, providing our brand of unique customer experience, our mandate is to transform into a Digital Bank in order to adapt to these shifts in customer behavior,” said Edwin R. Bautista, UnionBank President and COO.