Aboitiz-led Union Bank of the Philippines saw a 21-percent year-on-year drop in nine-month net profit to P6.4 billion as the bank continued to recalibrate in order to grow its lending and fee-based businesses.
Excluding securities trading, core income grew 42.5-percent year-on-year to P6.1 billion, the bank disclosed to the Philippine Stock Exchange.
Overall, the earnings performance of the bank translated to a return on equity (ROE) and return on assets (ROA) of 12.2 percent and 1.6 percent, respectively.
The disclosure said Union Bank also continued to be one of the most cost-effective banks in the industry with cost-to-income ratio of 52.7 percent.
BUSINESS
BUSINESS
BUSINESS
Union Bank grew its total loan book by 20.2 percent year-on-year to P265.9 billion, propelling assets to a total of P549.4 billion at end-September.
Total deposits also posted a 20.2-percent year-on-year increase to P437.5 billion.
