UNION Bank of the Philippines (UB) said that they were able to post a net income of P9.2 billion in the first half of 2023.

This is down by 28 percent from the P12.7 billion it recorded in 2022.

UB said that this is despite the net interest income rising 34 percent to P52 billion.

According to the bank, the total assets were up 5 percent as of December 2023, amounting to P1.1 trillion.

Meanwhile, the net loans had increased by 10 percent reaching P527 billion.

The total deposits were stable at P713 billion.

According to the bank, their bottom line was hurt by integration costs related to the Citi consumer business acquisition.

UB said that the operating expenses also grew by 43 percent to P45 billion due to the full-year impact of the acquired Citi consumer business and UnionDigital.

Chief finance officer Manuel Lozano noted that the investments are needed to ensure the sustainability of their consumer business.

UB president Edwin Bautista also noted that their investments are yielding highly promising results. 

"The acquired Citi consumer business has consistently surpassed expectations, while UnionDigital attained profitability throughout its first full year of operations,"" he said.