MANILA - UnionBank of the Philippines said it posted a net income of P12.7 billion in 2022.
Net revenues reached a record of P52.2 billion, up 16 percent year-on-year, UBP said in a disclosure to the stock exchange.
Revenues mainly came from net interest income and fee-based income, which compensated for the absence of trading gains, it added.
UBP said net interest income rose by 31 percent to P38.9 billion due to higher margins and volume.
"In 2022, we witnessed a momentous shift in our business model. We have a solid balance sheet that continues to provide us above industry net interest margins," UBP Executive Vice President and CFO Manual Lozano said.
"The shift in digital also allowed us to grow our fees coming from mobile fund transfers and payments. We were able to book the same bottomline as the previous year, but with less reliance on trading," he added.
In 20222, UBP fully integrated Citi's consumer business into its portfolio. It also launched its digital bank UnionDigital.
"We delivered on our promise and the market has rewarded us for it," UBP President and CEO Edwin Bautista said.