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
BitPinas is an independent blockchain and cryptocurrency news site covering the crypto and blockchain news and developments in the Philippines. We aim to be the website where you can find all information on blockchain and crypto in the Philippines. We are read by investors and enthusiasts alike, including crypto/blockchain company founders and government personnel. Contact firstname.lastname@example.org for more information, consulting advice, and partnerships. Follow us on Facebook and Twitter.
Contact and Subscribe to BitPinas:
- Subscribe to our newsletter delivered every Monday, Friday, or when there’s breaking news you need to read on your email.
- Join BitPinas on Telegram
- Follow on Facebook and Twitter for the latest news and updates
- Disclaimer: All articles on BitPinas must be treated as not an investment advice. Readers are encouraged to do their own research. This website is not responsible for any loss incurred by the reader, nor will it take credit for their gains.
- For news tips, partnership discussions, or press release submissions, please send to email@example.com