UnionBank said on Monday profits during the period fell 41 percent to P2 billion as the company’s chief financial officer, Manuel R. Lozano, announced the completed integration of its P72 billion acquisition.
Despite strong topline revenue growth of 14 percent year-on-year and a 17 percent increase in net interest income to P13 billion, the bank faced higher operating expenses, particularly IT-related costs, which rose to P11 billion.
These expenses included a one-time P1.1 billion integration cost associated with the Citi merger, which culminated in the successful transfer of customer data to UnionBank's systems on March 24, 2024.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
