UBP 9 months income up 25%

MANILA, Philippines - The Union Bank of the Philippines (Union Bank) has reported a 25.3 percent increase in net earnings in the first nine months of 2010 to P4.253 billion, from the P3.393 billion recorded in the same period in 2009.

In fact, it is almost equal to the P4.32 billion net income for the whole of 2009.

Net interest income expanded by 29.7 percent to P4.8 billion while non-interest income grew slightly to P4.8 billion from P4.1 billion in the same period last year.

Total resources stood at P239 billion end September. Full year 2010 income target was placed at between five to 10 percent after expanding by over a hundred percent last year.