UNION Bank of the Philippines (UnionBank) saw its consolidated net income for the first nine months of 2023 fall by 20 percent to P8.1 billion from last year's P10.13 billion due to higher expenses.
"Costs were higher in the third quarter mainly due to integration and other costs that are nonrecurring. The integration costs increased since we allocated more time and resources to ensure smooth migration of the acquired Citi consumer business," UnionBank Executive Vice President Manuel Lozano said in a statement on Tuesday.
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