Jan 272013

MANILA, Philippines – The Union Bank of the Philippines (UnionBank) reported a 15-percent increase in net income to P7.58 billion in 2012 from P6.59 billion in 2011.

Net interest income expanded by nearly six percent to P7.3 billion after slipping slightly to P6.98 billion in 2011 due to higher provisioning for probable losses.

The bank’s total resources grew moderately to P275.8 billion in 2012 from P270 billion in 2011.

Capital funds likewise grew to P47.8 billion in 2012, from P42.8 billion a year ago.

Non-interest income grew to P10.7 billion last year from P9.55 billion due principally to trading gains, which rose P6.47 billion in 2012 from the previous year’s P5.4 billion.

Total loans grew by 13 percent to P119.6 billion last year from the P105 billion in 2011.

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Total deposits went down by nine percent, or from P204 billion in 2011 to P185.9 billion last year.

In the last quarter of 2012, the bank’s branch network stood at 186, supported by 232 onsite and offsite ATMs, a call center and internet bank, www.unionbankph.com.

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