Aboitiz-led Union Bank of the Philippines posted a net profit of P8.41 billion last year, down by 16 percent in the absence of extraordinary securities trading gains that buoyed earnings in the previous year.
Excluding one-time gains from securities trading, Union Bank said core income in 2017 was up by 30.4 percent year-on-year to P8.2 billion.
The full-year performance translated to a return-on-equity of 12.4 percent and return-on average-assets of 1.5 percent for Union Bank.
The bank spent 53.9 centavos to earn every pesos booked last year. This cost-to-income ratio of 53.9 percent was cited as one of the most cost-effective among its banking peers.
BUSINESS
BUSINESS
BUSINESS
“We are pleased to continue making major headway on both our business and digital transformation strategies. Financial results were driven by recurring income across all customer business segments,” Union Bank president and CEO Edwin Bautista said in a statement.
The bank grew its loan book last year by 19.4 percent to P281 billion. The bank’s loan portfolio was described as “well-diversified,” with consumer loans accounting for more than a third of total.
