Renaissance in UnionbankMay 5, 2008
UnionBank of the Philippines posted a net income of Php602.49 million in the first quarter of 2008, showing better performance in net interest income and operational costs. While lower than the Php1.63 billion net income for the same period the previous year which was boosted significantly by exceptional trading gains, increased lending business resulting from more aggressive credit positioning raised net interest income by 21.64% to Php1.25 billion and efficient operational management reduced operating costs by 7.82% to Php1.21 billion. Net loan portfolio expanded by 18.07% to Php46.90 billion on the back of solid expansion in corporate, commercial and consumer finance business. Mr. Justo A. Ortiz, Chairman and CEO of UnionBank said, “Our strategy of seeking appropriate risk-adjusted return is paying off in this volatile environment and we will continue to optimize the value of business opportunities to the quality and growth of our profitability”.
Aboitiz Equity 1Q Income up 9% to P1.18 BillionMarch 6, 2008
Aboitiz Equity Ventures, Inc. (AEV) ended the first quarter of 2008 with a net income of P1.18 billion, up 9% year-on-year. This translates to an earnings per share of P0.21 for the first quarter.
Aboitiz Power Corporation (AP) continued to account for the bulk of AEV’s income at 67% followed by the banking group at 21%. The food group continued to be a stable source of earnings with a 14% income share, while the transport group turned in a negative contribution for the period in review.
UnionBank Net Income Doubles to Php2.16 BAugust 3, 2007UnionBank of the Philippines posted a record net income of Php2.16 billion in the first half of 2007, 105.7% higher than Php1.05 billion the Bank earned in the same period last year. Higher revenues across businesses boosted UnionBank’s profitability. Interest differential income grew by 86.6%, fees and commissions increased by 98.9%, and trading gains rose by 44.4%.
UnionBank Ties Up with i-Tech CorporationJune 27, 2007UnionBank and i-Tech Corporation recently formalized its partnership with a MOA signing. i-Tech has tied up with UnionBank for its EON Cyber Card intended for disbursements of commissions to i-Tech members. The company will also enjoy the power of online banking convenience via UnionBank’s Business Online to credit commissions of the members. The facility enables establishments to manage their funds, do accounts inquiries, transfer funds online in real time as well as pay company bills at their convenience, 24 x 7.
UnionBank Listing CeremonyMay 10, 2007UnionBank successfully listed its follow-on offering of 78,300,000 primary shares during the Listing Ceremony held at the Philippine Stock Exchange-Tektite trading floor on May 10, 2007. The shares, which were offered to the public at an offer price of P59.00 per shares, closed the day at P62.00, an impressive 5% appreciation.
Aboitiz Announces New Trunkline of its Makati OfficeMarch 26, 2007
Aboitiz announces the new trunkline of its Makati Office : 793-2800 effective March 27, 2007 at 8:30 A.M.
UnionBank plans equity offeringJanuary 20, 2007
Union Bank of the Philippines plans to issue around US$100 million worth of equity shares within the first quarter of the year. It has engaged the services of Macquarie Securities to lead manage the offering. The details of the planned capital raising have yet to be finalized by UnionBank and Macquarie.
UnionBank net income up 39% in 3Q06November 6, 2006
UnionBank of the Philippines made a net income of P581 million in the third quarter of 2006, 39.3% higher than the P417 million in the same period last year. Revenues more than doubled to P4.1 billion due to a substantial increase in both interest differential and fee-based income. Interest income from lending soared by 362.2% to P1.6 billion as the bank’s loan portfolio more than doubled with the acquisition of International Exchange Bank (iBank).
City Savings Bank granted 5 full-branch license by Bangko SentralOctober 20, 2006
City Savings Bank (CSB), the thrift bank affiliate of Aboitiz Equity Ventures, has been granted by the Bangko Sentral ng Pilipinas (BSP) five branch licenses to expand its operations.
Eight years ago, the Bangko Sentral ng Pilipinas issued a moratorium suspending the processing of all bank branching applications for all thrift banks and rural banks.
UnionBank earns P1.1 billion in 1st halfAugust 1, 2006
UnionBank of the Philippines registered a net income of P1.1 billion in the first half of 2006 from P1.5 billion in the same period last year. The lower bottom line was attributed to the interim impact of expenses related to the purchase of International Exchange Bank (iBank). Weaker margins as domestic interest rates fell also accounted for the decline in earnings. But consumer finance, cash management, and capital markets businesses remained consistent suppliers of income.