MANILA, Philippines – Aboitiz-led UnionBank reported slightly higher earnings in the 1st half of 2019, as the bank shifted to digital and faced lower margins.

In a disclosure to the Philippine Stock Exchange on Monday, July 29, UnionBank reported a net income of P4.8 billion, 2% higher compared to the same period last year, on the back of growth of its earning assets.

In the 1st half of 2018, it reported an 8% net income growth compared to 2017.

Higher fee income from consumer businesses and securities trading gains also contributed to the improved bottom line from January to June 2019.

Its income for the 2nd quarter stood at P2.6 billion, 22% higher compared to the 1st quarter, driven by double-digit growth in net interest income and lower operating expenses. (READ: Inside ‘The Ark,’ we’re riding into the future of banking)

As of June 2019, UnionBank’s total assets were at P704.5 billion, 13% higher year-on-year. Customer loans amounted to P328.3 billion, with credit cards, consumer business, and commercial loans driving the portfolio growth.

“We are clearly seeing the fruits of our transformation push. We were able to manage expenses without slowing down on our strategic initiatives,” said Edwin Bautista, UnionBank president and chief executive officer. – Rappler.com