Union Bank of the Philippines booked P10.1 billion in net income in the first nine months
of the year. Our earnings result translates to a return on equity of 10.4% which takes into
consideration the impact of the additional capital of P40.0 billion from our Stock Rights
Offer last May 2022. Net income for 3Q2022 was at P4.0 billion, up 17% vs. P3.4 billion in
the previous quarter.
Net revenues excluding trading gains increased by 37% year-on-year to P36.0 billion.
Quarter-on-quarter, this is higher by 23% to P14.2 billion. Net interest margin also
increased to 4.9% from 4.6% in the same period last year coming from the expansion of
earning assets and higher CASA ratio. Net loans are up by 37% year-on-year to P449
billion, while CASA posted a record-high of 31% growth year-on-year to P417 billion.
Fee-based income increased by 64% to P5.1 billion driven by customer fund transfers and
card transactions, bancassurance fees, and forex income.
As of end-September, the Bank has crossed the one trillion mark in terms of assets for the
first time, with total assets at P1.05 trillion, higher by 37% year-on-year.
“We have successfully closed the acquisition of the Citi consumer business and became
the legal owner of the portfolio last August 1, 2022. The transaction added P98 billion of
total assets to the Bank, including P65 billion in net loans and P30 billion in cash. It also
included P67 billion in deposits with a CASA ratio of 89%. We are confident that the
integration would be seamless as 1,500 former Citi employees, including 100% of the
senior management of the consumer business, have joined UnionBank.” said Jose
Emmanuel U. Hilado, Chief Finance Officer.
“This year, we made significant headways toward our aspiration of becoming a Great
Retail Bank. Our consumer loans now account for 52% of our total loan book, which is
more than double the industry average. Our retail customer base has doubled in the past
three years mainly coming from our digital account opening and cash management
ecosystems. We are seeing strong momentum in terms of new-to-bank customer
acquisition. All these milestones have set us up for continued strong growth in the retail
market.” said Edwin R. Bautista, President and Chief Executive Officer.