MANILA, Philippines - Aboitiz-led Union Bank of the Philippines grew its second quarter net profit by 46 percent year-on-year to P2.6 billion, reversing the profit slump in the first quarter due to stronger net interest earnings and trading gains. This brought the bank's six-month net profit to P4.8 billion, up by 2 percent year-on-year, the bank disclosed to the Philippine Stock Exchange on Monday. Higher fee income from consumer businesses and securities trading gains also contributed to the improved bottomline in the first semester. The strong second quarter performance reversed the 24-percent year-on-year profit decline in the first quarter. ...
Keep on reading: UnionBank nets P4.8B
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