UnionBank attributes 16% yoy growth to digital shift
MANILA, PHILIPPINES – Aboitiz-led UnionBank registered a record high net income of P52.2 billion in 2022, 16 per cent higher year-on-year (y-o-y).
In a disclosure to the Philippine Stock Exchange (PSE), UnionBank said that this aggressive growth was driven by the company’s digital shift.
“In 2022, we witnessed a momentous shift in our business model. We have a solid balance sheet that continues to provide us above industry net interest margins. The shift in digital also allowed us to grow our fees coming from mobile fund transfers and payments,” said Manuel Lozano, Executive Vice President and Chief Finance Officer.
“We were able to book the same bottomline as the previous year, but with less reliance on trading,” Lozano added.
UnionBank’s acquisition of Citi’s Philippine Consumer business also strengthened the business.
“At the start of 2022, we made a commitment to execute on key strategic imperatives. First, the seamless integration of the acquired Citi consumer business, which includes customers and employees,” said Edwin Bautista, President and Chief Executive Officer.
In 2022, UnionBank launched its digital banking platform, one of the six digital banks licensed by the Bangko Sentral ng Pilipinas.
“We delivered on our promise and the market has rewarded us for it. Our recent stock performance, increase in stock trading volumes, and the strong commitment from our major shareholders on our Stock Rights Offering reflect shareholders’ trust in the value that will be created from the execution of our strategies,” Bautista said.
