UnionBank of the Philippines registered a net income of Php855.2 million for the first quarter of 2010, 51.3% higher than Php565.2 million posted in the same period last year. Higher net interest differential income and hefty trading gains sustained the Bank’s track record in profitability. Return on equity and return on assets, increased to 10.7% and 1.4%, respectively. Revenue-to-expense ratio remained close to 2.0x.

UnionBank is the sixth largest among private domestic universal banks with an asset base of Php236.0 billion.  Loan portfolio expanded by 8.7% year-on-year to Php84.6 billion.  Deposits grew by 10.6% to Php186.8 billion.  Non-performing loans ratio declined to 2.6%, and bad loans were more than 100% fully-covered.  The Bank’s earning assets to total assets ratio continued to improve, already at 86.9% from 85.3% during the reference period.  The Bank remained strongly-capitalized with a capital adequacy ratio of 15.1%.  

On April 14, 2010, the Bangko Sentral ng Pilipinas approved the Bank’s cash dividend declaration of Php2.20 per share, equivalent to 32.6% dividend payout ratio.  Recently, the Bank’s Board of Directors approved the setting of record and payment dates to May 11 and June 4 this year, respectively.

In April this year, the Bank opened five new branches, namely: Robinson’s Cybergate Plaza, Newport City, San Fernando - La Union, 5th Avenue - Bonifacio Global City and Ozamiz City, bringing the total branch network to 180.  The Bank has 210 onsite and offsite ATMs, a call center and Internet bank, www.unionbankph.com.

Recently, the Bank was granted The Asian Banker Achievement Award for Cash Management in the Philippines.  According to the Asian Banker, the Transaction Banking Award is a part of its prestigious annual Business Achievement Awards program to recognize annual achievements and winners in cash management, payments and trade finance in the competition for market share, product and operational excellence.  In the 10th annual Finance Asia polls, UnionBank was the only bank, among the top 10 Philippine companies, that was cited in three categories - Best Corporate Governance, Best Corporate Social Responsibility and Most Committed to a Strong Dividend Policy.