High operating expenses pull down UnionBank’s earnings

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Union Bank of the Philippines said Tuesday its net profit in the first nine months of 2023 declined 19.8 percent to P8.1 billion from P10.1 billion a year ago on elevated operating costs.

“We also spent on marketing and customer engagement programs to capitalize on the growing consumer segment,” he said. Net revenues amounted to P52.8 billion, up by 48 percent versus the same period last year. Net interest income grew 34 percent to P37.3 billion, largely attributed to the 18-percent increase in loan portfolio.

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MlaStandard /  🏆 20. in PH

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