UnionBank doubles its fees and other incomes to P13.4 billion, boosted by its acquisition of the Citi consumer business and the growth of its digital customer transactions.
MANILA, Philippines – Aboitiz-led Union Bank of the Philippines hit a net income of P12.7 billion in 2022, up slightly from its net income of P12.6 billion in 2021.
Its net revenues climbed 16% year-on-year to a record high of P52.2 billion, although the bank failed to post trading gains in 2022. Net interest income and fee-based income made up the bulk of revenue. “We have a solid balance sheet that continues to provide us above industry net interest margins. The shift in digital also allowed us to grow our fees coming from mobile fund transfers and payments. We were able to book the same bottomline as the previous year, but with less reliance on trading,” said Manuel Lozano, UnionBank’s executive vice president and chief finance officer. of Citi’s consumer business.
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