Photo by Moon Rivers via Wikimedia Commons.

UnionBank net income up 12% to $233.59m in 2022

Revenue hit a record high, whilst consumer loans rose after acquiring Citi’s assets.

Union Bank of the Philippines earned over $233.59m (PHP12.7b) in 2022, 16% higher than in 2021, according to a bourse filing. Net revenue hit a record high $960.1m (PHP52.2b), rising 16% from the previous year.

Revenue mainly came from net interest income and fee-based income, which UnionBank said compensated for the absence of trading gains.

Net interest income rose 31% to $715.4m (PHP38.9b) on account of higher margins and volume. Margins is 27 basis points (bps) higher to 4.9%, which UnionBank said was driven partly by the higher proportion of consumer loans to total loans.

ALSO READ: Citi completes sale of Philippine consumer business to UnionBank

Fees and other income doubled to $246.4m (PHP13.4b), which the bank attributed to the consolidation of the acquired Citi consumer business, as well as growing digital customer transactions. 

Customer loans jumped by 42% to $881.4m (PHP479.b). UnionBank’s acquisition of Citi’s consumer business added to this rise. 

Total deposits were up 25% to $138m (PHP711.3b) due to the overall expansion of the retail customer base and the strong take-up of cash management products from large corporations, the bank reported. 

(US$1 = PHP54.368. Conversion from Bangko Sentral ng Pilipinas (BSP) website; as of 30 January 2023)

Follow the link for more news on

Pembekuan pendanaan menghantam penyedia layanan BNPL

Investor semakin sedikit mengalirkan dana ke penyedia layanan BNPL yang sudah menghadapi keuntungan margin yang tipis.

HSBC: Aliansi bank-fintech merupakan win-win

Pemberi pinjaman dapat belajar dari teknologi disruptif sambil membantu mereka mematuhi regulasi.

Tokenisasi aset perdagangan untuk menjembatani kesenjangan pembiayaan

Teknologi blockchain dapat mendesentralisasikan operasi keuangan dan mempermudah akses kredit.

BCA menjalankan komitmen terhadap keuangan berkelanjutan

Bank asal Indonesia ini mempertimbangkan aspek lingkungan dan tata kelola dalam keputusan pemberian pinjaman.

Mengapa UNOBank mendorong embedded finance tumbuh di Filipina

Bagi UNOBank, banking interface terpadu adalah strategi pertumbuhan sekaligus upaya inklusi keuangan.

OCBC mencoba mengurangi kesenjangan manfaat bagi agen properti di Singapura

Produk terbarunya menawarkan manfaat finansial di bidang perbankan, asuransi, dan perdagangan.

Upaya Malaysia menjadi anggota BRICS untuk mendorong perombakan sistem perbankan

Namun, tantangan muncul ketika menjauh dari ketergantungan pada AS dan SWIFT.

Platform pembayaran PingPong memperoleh lisensi PJP di Indonesia

PingPong mengincar ekspansi ke pasar ekspor senilai $320 miliar di negara tersebut.

Merger dan penutupan mengancam 3.800 bank di area pedesaan Cina

Sekitar 70 bank di area tersebut telah merger sejak 2023.