MANILA, Philippines — Union Bank of the Philippines more than doubled its earnings in the first half as stronger consumer lending, higher fee-based income and improving asset quality boosted profitability.
In a disclosure on Monday, the Aboitiz-led bank reported a net income of P6.9 billion for the January-to-June period, up 113 percent from a year earlier.
READ: UnionBank delivers 167% Q1 earnings growth
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“Our customer franchise remains strong; asset quality continues to improve; and we are confident that we can continue the positive profitability trajectory. At the same time, we are taking deliberate steps to simplify the group and rationalize businesses where we believe resources can be better deployed,” chief financial officer Manuel Lozano said.FEATURED STORIES
