February 12, 2020 – UnionBank of the Philippines revealed its net income of Php 14.004 billion in 2019, more than twice the Php 6.874 billion the bank reported in 2018. UnionBank revealed in a regulatory filing.
UnionBank treasurer and CFO Jose Emmanuel Hilado said the bank’s performance is because of solid fundamentals, a healthy loan portfolio, and steady margin recovery. Trading gains also contributed to the income increase.
UnionBank President and CEO Edwin Bautista said the bank’s digital strategy was key as they scale up their businesses “while maintaining lean operations.” The bank has been steadily embracing the digital shift, including allowing the opening of bank accounts via the UnionBank mobile app and even accepting checks via the app as well. UnionBank also piloted remittance using blockchain between the Philippines and Singapore.
Among UnionBank’s subsidiaries include City Savings Bank, Union Properties Inc., First Union Plans, First Union Direct Corporation, First Agro-Industrial Rural Bank, and First Union Insurance Financial Agencies.
This article is published on BitPinas: UnionBank Digital Strategy Contributed to Its Rise in Income