UnionBank of the Philippines posted a net income of P602.49 million in the first quarter of 2008, showing better performance in net interest income and operational costs.
While lower than the P1.63 billion net income for the same period the previous year which was boosted significantly by exceptional trading gains, increased lending business resulting from more aggressive credit positioning raised net interest income by 21.64 percent to P1.25 billion and efficient operational management reduced operating costs by 7.82 percent to P1.21 billion.
Net loan portfolio expanded by 18.07 percent to P46.90 billion on the back of solid expansion in corporate, commercial and consumer finance business.
Justo A. Ortiz, Chairman and CEO of UnionBank said, "Our strategy of seeking appropriate risk-adjusted return is paying off in this volatile environment and we will continue to optimize the value of business opportunities to the quality and growth of our profitability".
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