earnings reports

UnionBank CEO: Worst of pandemic is behind us

Ralf Rivas

UnionBank

UnionBank's net income grows 26% to P10.7 billion from January to September 2021, as the economy gradually reopens

Union Bank of the Philippines chief executive officer Edwin Bautista on Tuesday, November 2, said “the worst of the pandemic is behind us,” as the bank saw nine-month profits jump on the back of the economy reopening amid the decline in COVID-19 cases.

UnionBank’s net income grew 26% to P10.7 billion from January to September, as loan loss provisions dipped by 45%.

The bank’s net interest income increased by 3% to P22 billion, with higher margins at 4.6%. 

Non-interest income rose 22% to P12.6 billion due to strong trading gains in the first half of the year, as well as higher foreign exchange income and increased fees and commissions.

“We will be entering 2022 with a solid base from where we can resume our pre-pandemic growth trajectories,” Bautista said.

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As the pandemic accelerated the use of digital apps for purchases, UnionBank reported 3.6 million registered users across its digital platforms as of end-September, 2.4 times higher than in the same period in 2020.

The Aboitiz-led bank’s total assets stood at P767.8 billion. Total loans were at P341.5 billion, while current and savings accounts reached P318.3 billion.

– Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.