MANILA -- Union Bank posted a net income of P9.2 billion in the first half of 2023, down 28 percent from the P12.7 billion it recorded in 2022.

This, despite net interest income rising 34 percent to P52 billion. The bank also said total assets were up 5 percent as of December 2023, amounting to P1.1 trillion.

Net loans increased by 10 percent reaching P527 billion, while total deposits were stable at P713 billion.

The bank noted, however, that their bottom line was hurt by integration costs related to the Citi consumer business acquisition.

Operating expenses also grew by 43 percent to P45 billion due to the full-year impact of the acquired Citi consumer business and UnionDigital.

These new businesses were only included as part of the banking group in the second half of 2022, the lender said.

Chief finance officer Manuel Lozano said these investments are needed to ensure the sustainability of their consumer business.

The bank's president Edwin Bautista also noted that their investments are yielding highly promising results.

"The acquired Citi consumer business has consistently surpassed expectations, while UnionDigital attained profitability throughout its first full year of operations,"" he said in a statement.

"We are experiencing early returns on these strategic investments, with leading indicators pointing towards a sustained increase in transactions over time."

• Growing your money: Should you put your savings in digital banks?

Union Bank posted a net income of P6.4 billion in the first half of 2023,

• Union Bank books P6.4-B net income in H1, up 6 pct

RELATED STORY:

Watch more News on iWantTFC