6 months Unionbank earns P2.2 B in first quarter, up 75% MB |Biz
Unionbank of the Philippines reported yesterday a net income of P2.2 billion for the first quarter, a 75 percent increase from the fourth quarter of 2018 due to higher earning asset base, lower operating expenses and provision for losses. Operating expenses declined by 12 percent to P4.3 billion while provision for losses was down by 70 percent. Net revenues increased by 2.0 percent to P7.0 billion. The bank said the higher earnings resulted to a return on equity (ROE) of 9.6 percent, return on assets (ROA) of 1.3 percent and revenue-to-expense ratio of 1.6 times. As of end-March 2019, UnionBank’s ... more