MANILA, Philippines — Strength in its consumer business caused a 31-percent surge in the 2024 earnings of Union Bank of the Philippines (Unionbank) to P12 billion.
In a disclosure to the stock exchange on Monday, the Aboitiz-led bank said margin expansion and higher fee-based revenues likewise supported profit growth.
Unionbank’s topline jumped by 12.4 percent to a record P79.5 billion.
Following its acquisition of Citi’s consumer business, Unionbank’s consumer loans now account for 61 percent of its loan portfolio, or nearly thrice the industry average, it said.
Net interest income expanded by 11.6 percent to P58 billion.
“Our retail-focused strategy allowed us to book record-high top line revenues. We should see the continued improvements in our net income moving forward, as we realize the synergies brought about by our integrated consumer operations,” Unionbank chief financial officer Manuel Lozano said in a statement.
Expenses eased by 1.4 percent to P44.3 billion.