Aboitiz-led Union Bank of the Philippines hoping for income gain

[pioneer]

By LEE C. CHIPONGIAN

The Aboitiz-led Union Bank of the Philippines is hoping for an income gain of five to 10 percent this year as they diversify income streams and expand loan portfolios.

Union Bank President and COO Victor B. Valdepenas said as of the first four months, bottom line net

income has amounted to P1.3 billion, up 34.2 percent year-on-year.

“For our full-year (goal) I don’t want to venture at this point in time (since the) second and third quarters were quite strong last year. (But) banks are now showing good income compared to 2009,” Valdepenas told reporters at the sidelines of the Union Bank’s annual stockholders meeting on Friday.

“I will be very happy if we can achieve five to 10 percent because that means our core income will be able to make up for lack of opportunities in trading,” he said.

Union Bank expects its auto and housing consumer loans to grow 10 percent to 15 percent this year. -manila bulletin