UnionBank profit doubles to ₱6.9B as consumer lending and spending stay strong

The Aboitiz-led lender posted a 113% jump in first-half earnings as higher consumer loans, deposits, and everyday banking transactions continued to drive growth.

UnionBank posted a much stronger first half, with net income more than doubling to ₱6.9 billion, a sign that more Filipinos are borrowing, spending, and using banking services despite a still challenging economy.

The Aboitiz-led bank said Monday its earnings jumped 113% from ₱3.24 billion a year ago, driven by higher consumer lending, stronger low-cost deposits, and rising fee income from everyday banking transactions.

The numbers point to continued confidence among consumers. More Filipinos are taking out personal loans and relying on credit cards, keeping money moving through the economy and giving retailers, service providers, and other consumer-facing businesses more reason to stay optimistic in the months ahead.

Net revenues climbed 9% to ₱43.1 billion, while net interest income rose 8% to ₱33.7 billion as its loan portfolio expanded. Consumer lending remained the bank’s biggest growth driver, accounting for 61% of total loans, with credit cards and personal loans growing 18%.

UnionBank also earned more from card fees, wealth management, bancassurance, and other everyday banking services, supported by its 19.3 million customers. Meanwhile, credit costs fell 19%, indicating better loan quality and fewer borrowers falling behind on payments.

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