Union Bank of the Philippines delivered a net income of P6.4 billion in the first six months of 2023, up by 6 percent against the same period last year.
Net revenues for the first half of the year amounted to P34.4 billion, increasing by 60 percent versus the same period last year.
“We consider this year as a period of investing for our future. Our costs will temporarily be elevated this year, while the integration of the acquired Citi consumer business is ongoing. Having said this, we have a healthy earning asset base. We have a well-diversified consumer loan mix and all segments are growing in double digits. As soon as we complete the Citi integration, we expect a substantial reduction in operating expenses that will bring us back to above-industry ROE we have been known to deliver,” said Manuel R. Lozano, Executive Vice President and Chief Financial Officer.
