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Union Bank posts P8.1 billion net income in first 9 months of 2023

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Unionbank in Makati on January 19, 2021. Jonathan Cellona, ABS-CBN News/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2021/news/07/21/ub.jpg"/><figcaption>Unionbank in Makati on January 19, 2021. <em>Jonathan Cellona, ABS-CBN News/File</em></figcaption></figure></div><p>MANILA — Union Bank posted a net income of P8.1 billion in the first 9 months of 2023. </p><p>The bank noted that its net interest income grew 34 percent to P37.3 billion on the back of an 18 percent growth in their loans portfolio.</p><p>Net revenues for the bank climbed by 48 percent to P52.8 billion. </p><p>Union Bank said its operating cost was up by 63 percent to P33.5 billion, due to the full-year impact of the acquired <a href="https://news.abs-cbn.com/business/08/01/22/unionbank-acquires-citi-consumer-business-in-ph" target="_blank">Citi</a> consumer business and <a href="https://news.abs-cbn.com/business/06/26/23/unionbank-oks-p900-m-capital-infusion-for-uniondigital" target="_blank">UnionDigital</a>. </p><p>&quot;We also spent on marketing and customer engagement programs to capitalize on the growing consumer segment,” said the bank&#x27;s executive vice president and chief finance officer Manuel Lozano. </p><p>Union Bank had P1.1 trillion in assets as of September, up by 8 percent from September 2022. Net loans and receivables jumped 18 percent to P531 billion, while total deposits grew by 6 percent to P724.7 billion.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/31/23/union-bank-books-p64-b-net-income-in-h1-up-6-pct">Union Bank books P6.4-B net income in H1, up 6 pct</a></li>	<li><a href="https://news.abs-cbn.com/business/09/19/23/unionbank-to-offer-bitcoin-trading-on-mobile-app">UnionBank to offer Bitcoin trading on mobile app</a></li></ul><div><strong>RELATED STORY: </strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/0r7JxCPfjl0?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>