INQUIRER.net: Union Bank profit jumps by 41%

INQUIRER.net Philippine News for Filipinos

Union Bank profit jumps by 41% Apr 28th 2013, 22:19 MANILA, Philippines—Aboitiz-led Union Bank of the Philippines grew its first-quarter net profit by 40.8 percent year on year to P4 billion, the best quarterly bottom line in its history, mainly due to the double-digit expansion in trading gains and interest earnings.   The first-quarter performance translated to a return on equity of 29 percent. The bank also managed to hit early in the year nearly half of its P8.5-billion net profit goal for the full year, which means the bank would have to readjust targets, Union Bank president Victor Valdepeñas said in an interview.   "We thought we'll grow by 15 percent this year but it now seems to be a conservative targ... Keep on reading: Union Bank profit jumps by 41% Media files: union-bank.jpg (image/jpeg)

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