UnionBank 2024 Net Income up by 31% YOY

UnionBank of the Philippines generated P12.0 billion in net income in FY2024, an increase of 31% year-on-year. This performance was supported by a strong consumer business, margin expansion, and higher fee based revenues.

Consumer loans now account for 61% of the total loan portfolio, nearly 3x higher than the industry average. This is diversified across credit cards, mortgage loans, personal/salary loans, and vehicle loans. The Bank’s retail customer base has now reached 17 million.

Consumer loans now account for 61% of the total loan portfolio, nearly 3x higher than the industry average. This is diversified across credit cards, mortgage loans, personal/salary loans, and vehicle loans. The Bank’s retail customer base has now reached 17 million.

Consumer loans now account for 61% of the total loan portfolio, nearly 3x higher than the industry average. This is diversified across credit cards, mortgage loans, personal/salary loans, and vehicle loans. The Bank’s retail customer base has now reached 17 million.

“Our retail-focused strategy allowed us to book record-high top line revenues. We should see the continued improvements in our net income moving forward, as we realize the synergies brought about by our integrated consumer operations,” said Manuel R. Lozano, Chief Financial Officer.

“After completing the migration of Citi-branded consumer accounts early last year, we continue to invest heavily to ensure that we elevate customer experiences. We are committed to deliver differentiated product offerings and experiences to our now 17 million customers across all of their preferred customer touchpoints. I am confident that our renewed focus on customer-centered innovation will allow us to deliver greater value this year and in the years to come,” said Ana Aboitiz Delgado, President and Chief Executive Officer.

​Union Bank of the Philippines (UnionBank) is a publicly listed universal bank in the Philippines. Its major shareholders are Aboitiz Equity Ventures, Inc. (AEV), Social Security System (SSS) and Insular Life Assurance Company, Ltd. (Insular Life). UnionBank embraces the future of banking and is largely regarded as the country's pioneer in digital banking that delivers superior customer experiences across all channels for both its retail and corporate customers. It remains a digital trailblazer and has developed best-in-class, customer-centric, and technology-driven retail and institutional banking solutions such as its highly rated and most downloaded mobile banking app, UnionBank Online and its business banking platform, The Portal. For several years, the Bank has been recognized and awarded by various prestigious institutions in areas of retail banking, digital transformation, people, and culture.