UnionBank net income declines 20%

By Brix Lelis

Nov 01, 2023 12:25 am

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.

Already have an active account? Log in here to continue reading.
Or
Subscribe to the Premium Subscription plan to access this subscriber-exclusive article.

Related Articles

SM Prime eyeing P110-B 2025 capex

Central Azucarera profit rises to P1.7B

SM Prime eyeing 2025 REIT listing

First Gen to build solar facility for HCG unit

Global Dominion: To AI and beyond

Aboitiz unit takes over airport firm

RFM nine-month net rises 13.7% to P1.12B