Union Bank of the Philippines’ (UnionBank) net profit decreased by 4.6 percent to P6.1 billion in the first nine months of 2018 from P6.4 billion in the same period last year.
In a statement on Monday, UnionBank Treasurer and Chief Finance Officer Jose Emmanuel Hilado blamed the drop on the “rise in interest rates and the absence of new loan releases to teachers have affected our margins.”
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