Union Bank profit up17% to P6.3B in Jan-Sept

MANILA, Philippines - Union Bank of the Philippines, the financial arm of the Aboitizes, has posted a net income of P6.3 billion in the first nine months of 2012, up 17 percent from P5.4 billion in the same period in 2011, a company report said.

In its report submitted to the Philippine Stock Exchange (PSE), UnionBank’s net income for the third quarter declined to P2.2 billion from P2.5 billion last year.

Net interest income rose to P5.4 billion in the first three quarters of the year compared to P5.2 billion last year. However, net interest income for the quarter alone dropped to P1.78 billion from P1.82 billion in 2011.

UnionBank’s gains from trading increased to P5.28 billion as against P4.45 billion in the comparative period last year.

The bank’s basic earnings per share stood at P13.13 in January to September 2012 from P11.24 in the same period 2011.

This year, the bank is expecting its income to grow 10 to 15 percent from last year.

Loan growth for the year is likely to hit 20 to 25 percent, said UnionBank president and COO Vic Valdepeñas.

UnionBank started operations in 1981 and became a commercial bank by Jan. 19, 1982.

In July 1992, it was granted the license to operate as a universal bank.

The bank acquired the International Corporate Bank (Interbank) in 1994.

At present, it has multiple channels that are available for transaction and information access such as through its 190 branches nation wide, 224 ATMs as of January 2012), a call center and Internet bank.