UnionBank recorded a net income of Php2.6 billion in the first quarter of 2022. This translated to a return on equity of 9.2%.

The Bank’s recurring income grew 21% vs. the same period last year as net interest income  increased by 12% to Php8.1 billion and fee-based income more than doubled to Php1.4 billion. Net  Income, however, was lower by 45% due to extraordinary trading gains recorded in 1Q2021.  

The year-on-year (YoY) growth in recurring income was attributable to the following: 1) Net  interest margin improved by 6bps to 4.6% brought about by higher yields in earning assets,  coupled by lower cost of funds from the expansion of our CASA deposits; and 2) Fee-based income  came from the growth of InstaPay charges and interchange fees. Higher foreign exchange income  (up 53% YoY to Php369.5 million) also boosted our topline revenues.  

Versus 4Q2021, net income grew 40% mainly due to lower provisions for credit losses.  

As of end-March 2022, total assets were at Php844.4 billion, 13% higher than the same period last  year. Total loans and receivables were at Php351.8 billion, up 2% YoY. Total deposits were higher  by 15% to Php577.2 billion primarily driven by the sustained growth of CASA deposits at 28% to  Php356.5 billion.  

“The optimism generated by the reopening of the economy is palpable and if the pandemic is  behind us, we are hopeful that the economic gains since 2021 are sustainable. While the ongoing  Russia-Ukraine conflict could adversely affect investor and consumer sentiment, we think that the  country’s economic fundamentals are strong enough to weather the challenges ahead. We,  therefore, remain optimistic that improving credit appetite and spending patterns will allow us to  sustain momentum in our recurring income for the rest of 2022,” said Jose Emmanuel U. Hilado,  Treasurer and Corporate Planning Services Head.  

“I am happy to report that we are on track to achieve the strategic milestones that we have set for  the year. For the acquisition of Citi’s consumer business, we have already obtained approvals from  the Philippine Competition Commission and Insurance Commission. Our Stock Rights Offering,  which will fund the acquisition, is already in motion and expected to conclude in May 2022. We  remain confident to become the legal owner of the consumer portfolio by July 2022. Moreover,  our digital bank UnionDigital, is also on-track to launch by the 2nd half of the year. We are closely  working with the regulators to complete key requirements for the start of our operations,” said  Edwin R. Bautista, President and CEO. 

Union Bank of the Philippines (UnionBank) has always been among the first to embrace technological innovations to empower its customers. It embraces the future of banking.  Undoubtedly the Philippines' pioneer in digital banking, UnionBank is committed to be the region's digital trailblazer to best serve the growing needs of Filipinos everywhere.  

It has consistently been recognized as of one of Asia’s leading companies, ranking among the couŶtry’s top universal banks in terms of profitability and efficiency.  

 Over the years, UnionBank has garnered a record-breaking number of awards and recognition including "Asia Trailblazer Institution of the Year" from Retail Banker International;  "Best Bank Transformation in South East Asia 2021" from Global Banking and Finance; "Best Bank for Customer Experience in South East Asia 2021" from Global Brands Magazine; 5- Time "Digital Bank of the Year (2018-2022)" from The Asset Triple A; "Most Recommended Retail Bank in Asia Pacific 2021" from BankQuality.com; "Fastest Growing Fintech Company,  South East Asia 2021" for UBX from Global Banking and Finance; back-to-back "Best Retail Bank in the Philippines" from The Asian Banker; back-to-back "Best Bank for SMEs" (2020- 2021) from Asiamoney; "SME Bank of the Year - Philippines 2021" from Asian Banking and Finance; back-to-back "#1 Best Service Domestic Bank in the Philippines 2020-2021" at the  Asiamoney Cash Management Survey; ͞Asia’s Best Bank TraŶsforŵatioŶ͟ from Euromoney; "Asia-Pacific Retail Bank of the Year" from Retail Banker International; "Top 2 Most  Helpful Banks in Asia Pacific during COVID-19" from BankQuality.com; 3-time "Best Digital Bank Philippines" from Asiamoney and International Finance Magazine; and "Employer of the Year" awards from Stevie Awards for Great Employers, Asian Banking and Finance, and HR Asia.  

Determined to be an enabler of the PhilippiŶes’ bid to be a G20 country by 2050, UnionBank stands firm in its promise to power the future of banking through "Tech-Up Pilipinas"  while pioneering innovations for a better world.