MANILA, Philippines – Union Bank of the Philippines saw its profits grow by 9% in 2021 to P12.6 billion, while its revenues reached an all-time high of P45.1 billion, up by 7%.
UnionBank’s net interest income grew 4% to P29.8 billion, while non-interest income rose 14% to P15.3 billion.
Loan loss provisions were 31% lower than in 2020 at P5.8 billion, as credit risk stabilized.
Its non-performing loan ratio eased to 5% compared to 5.1% in 2020.
Total loans of the Aboitiz-led bank reached P359.8 billion, up by 6%, while deposits grew 8% to P570.5 billion.
UnionBank president and chief executive officer Edwin Bautista attributed the improved earnings to the bank’s digital transformation initiatives.
For 2022, Bautista said UnionBank is prioritizing the commercial launch of UnionDigital, its digital banking arm, as well as the transition of Citi’s consumer banking business.
“Our performance in 2021 gives us a good foundation for further growth in 2022. We expect a healthy expansion in our loan portfolio, steady margins from strong CASA (current account savings account) growth, improving credit quality, and higher revenues across our business groups this year,” said Jose Emmanuel Hilado, UnionBank senior executive vice president. – Rappler.com