Listed Union Bank of the Philippines (UnionBank) saw its net income dip to P8.5 billion in the first nine months of the year on larger loan loss provisions.
In an October 23 statement that was released on Wednesday, the Aboitiz-led lender said the amount was 0.9-percent lower than the year-earlier figure.
For the third quarter alone, UnionBank's net profit was P4.2 billion, an 11-percent expansion from the year-ago amount.
The bank said the nine-month figure "already includes the extraordinarily high provision for loan losses, which could result from the Covid (coronavirus disease) crisis, that it set aside earlier this year."
Revenues in January to September grew by 33 percent year-on-year to P31.8 billion as net interest income improved by 36 percent to P21.4 billion "from the continued growth of earning assets and higher margins compared to the same period last year," it added.
Non-interest income increased by 26 percent to P10.4 billion, which UnionBank traced to higher trading gains.
Total deposits jumped 29 percent year-on-year to P539.9 billion.
Net interest margin for the first three quarters picked up by 92 basis points to 4.6 percent, which the lender attributed to the 33-percent year-on-year increase in current account and savings account deposits and lower funding cost.
As of September 30, assets were at P758.0 billion, 11 percent wider than last year's amount.
Despite the current weakened state of the economy, the bank said its latest financial results proved its success in digitizing the whole organization to the core and effectively "future-proofing the business" by giving it agility and scalability in the face of major disruptions, such as the pandemic.
"We took it to heart and embarked on a mission to transform our bank to be competitive in the [Fourth] Industrial Revolution by becoming digital to the core," Edwin Bautista, UnionBank president and chief executive officer, was quoted as saying in the statement.
"We may now look like a different bank, but our purpose remains the same: to elevate lives and fulfill dreams, with the goal to co-create innovations for a better world," he added.
UnionBank shares increased by 2 centavos or 0.36 to close at P55 each on Wednesday.
In an October 23 statement that was released on Wednesday, the Aboitiz-led lender said the amount was 0.9-percent lower than the year-earlier figure.
For the third quarter alone, UnionBank's net profit was P4.2 billion, an 11-percent expansion from the year-ago amount.
Revenues in January to September grew by 33 percent year-on-year to P31.8 billion as net interest income improved by 36 percent to P21.4 billion "from the continued growth of earning assets and higher margins compared to the same period last year," it added.
Non-interest income increased by 26 percent to P10.4 billion, which UnionBank traced to higher trading gains.
Total deposits jumped 29 percent year-on-year to P539.9 billion.
Net interest margin for the first three quarters picked up by 92 basis points to 4.6 percent, which the lender attributed to the 33-percent year-on-year increase in current account and savings account deposits and lower funding cost.
As of September 30, assets were at P758.0 billion, 11 percent wider than last year's amount.
Despite the current weakened state of the economy, the bank said its latest financial results proved its success in digitizing the whole organization to the core and effectively "future-proofing the business" by giving it agility and scalability in the face of major disruptions, such as the pandemic.
"We took it to heart and embarked on a mission to transform our bank to be competitive in the [Fourth] Industrial Revolution by becoming digital to the core," Edwin Bautista, UnionBank president and chief executive officer, was quoted as saying in the statement.
"We may now look like a different bank, but our purpose remains the same: to elevate lives and fulfill dreams, with the goal to co-create innovations for a better world," he added.
UnionBank shares increased by 2 centavos or 0.36 to close at P55 each on Wednesday.
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