MARKET HEADLINE: SHORT SELLING BY OCTOBER
SMP NOTICE: SERVER ISSUE HAS CREATED POSTING PROBLEM, FIXED SOME ISSUES ALREADY
Ghost Month: August 11 - September 6

Union Bank of the Philippines, Inc.
#81
5-3

Aboitiz Group’s net income rose 3% to P4.8b in first quarter

Aboitiz Equity Ventures Inc., the holding company of the Aboitiz Group, said Thursday consolidated net income rose 3 percent in the first quarter to P4.8 billion from P4.7 billion a year ago, on lower one-off losses representing net unrealized foreign exchange losses.

“Our diversified portfolio gives us the resilience to sail through varying business cycles. The underlying strength of our core operations and a vibrant economy keep us optimistic on our long-term fundamentals,” AEV president and chief executive Erramon Aboitiz said.

Power accounted for 64 percent of total income contributions, followed by banking and financial services with 30 percent.

Aboitiz Power Corp.,  the power arm of AEV, saw its net income decline 9 percent in the three-month period to P4 billion from P4.4 billion a year ealier.

The company recognized non-recurring foreign exchange losses on the revaluation of dollar denominated liabilities amounting to P1.2 billion, versus a non-recurring loss of P577 million in the first quarter last year resulting from the movements in the peso-dollar exchange rates.

Aboitiz Power’s core net income in the first quarter amounted to P5.2 billion, up 4 percent from a year ago, without the one-off adjustments.

“Despite the one-off adjustments we had to incur in the quarter, we continue to see modest growth of the group in both our generation and distribution businesses,” Aboitiz Power president and chief operating officer Antonio Moraza said.

Moraza said the company continued to see improvement in plant reliability and availability which resulted in significant financial contributions. 

“Our DU [distribution utility] business also continues to grow, thanks to growing regional economies,” Moraza said.

AEV’s banking unit Union Bank of the Philippines increased its first-quarter income contribution by 32 percent from P1.1 billion to P1.4 billion, on higher revenues.

The food business under Pilmico Foods Corp. and its subsidiaries reported a net income of P264 million in the first quarter, or 10 percent lower than P292 million a year earlier.

AEV’s land business Aboitiz Land Inc. and other subsidiaries reported a net income of P59 million in January to March, down 18 percent year-on-year on increased borrowing expenses for the funding of new developments. 

Republic Cement’s income contribution to AEV decreased 140 percent to a net loss from a P202 million net income in the first quarter last year, because of higher energy input costs.


source: http://www.thestandard.com.ph/business/c...arter.html
Reply
#82
5-21

Unionbank to link rural banks using blockchain

MANILA - (UPDATE) Unionbank said Monday it would tap blockchain to connect rural banks in the same way systems such as Bancnet and SWIFT link larger lenders.

Six rural banks will be included in the pilot run, which was approved by the Bangko Sentral ng Pilipinas. With blockchain, the number of steps to complete some transactions will be brought down to 3 from 20, said Unionbank chairman Justo Ortiz.

Blockchain can help "crack the code of financial inclusivity," Ortiz said during the launch of the Blockchain Association of the Philippines.

"The rural banks are the first mile to getting those members of the community that are unbanked," Ortiz said.

Banks will soon find more applications for the blockchain technology, Ortiz said.

Ortiz said Unionbank would triple its blockchain programmer workforce to around 100 by the end of the year from the current 30. The company hopes to grow this to 20,000 in 2 years, he said.

"We need to be able to bring people from abroad to basically up the game here at the enterprise level. At the end of the day, if the enterprises adopt, it will force the individuals to adopt. It's chicken and egg," he said. 

Ortiz also chairs the Blockchain Association of the Philippines which will be formally launched on May 28. He said he hoped the industry would soon overcome birth pains.

"Eventually it becomes easy. We now have everything that you do on internet today," he said.


source: http://news.abs-cbn.com/business/05/21/1...blockchain
Reply
#83
7-30

...positive Smile

UnionBank’s income rose 8% to P4.7-billion in six months

Union Bank of the Philippines, the country’s ninth-largest lender in terms of assets and controlled by the Aboitiz Group, said net income increased 8 percent in the first half to P4.7 billion from P4.4 billion a year ago.

UnionBank said in a disclosure to the stock exchange Monday net revenues grew 9.1 percent in the six-month period to P12.7 billion from P11.7 billion in the same period last year. 

The figures translated into an annualized return on equity and return on average assets of 12.8 percent and 1.6 percent, respectively.

“We are ahead of our target for the year despite margin compression in the first half due to higher interest rates and regulatory compliance,” said UnionBank treasurer and chief financial officer Jose Emmanuel Hilado.

He said for the rest of the year, recurring income was expected to drive profitability. “We anticipate margins to improve as loan rates start to catch up against deposit cost,” he said.

The bank sustained its robust performance from the first quarter given the double-digit growth from customer businesses. Total loans climbed 18 percent year-on-year to P313.0 billion, with retail loans accounting for 33 percent of the total loan portfolio.

This boosted the bank’s total assets to P623.2 billion, up by 12.8 percent from P552.6 billion in the same period last year. Assets were mainly supported by deposits at P452.9 billion.

UnionBank president Edwin Bautista said the bank would launch more innovations in the industry as it aimed to be among the pioneers in the field of blockchain technology and the token economy.

“We have no doubt that we are on track in our digital transformation journey. The market has noticed. The bank was recognized as Asia’s Best Bank Digital Transformation in the 2018 Euromoney Awards for Excellence. Moreover, our Project i2i in collaboration with rural banks was highlighted in the technology space as a commendable use case of blockchain to drive societal change and inclusive prosperity,” he said.

Bautista expressed optimism the bank would be able to continue growing in the succeeding quarters, citing the robust economy that could also benefit the banking industry.

UnionBank has consistently been recognized as one of Asia’s leading companies in banking and finance, ranking among the Philippines’ top 10 universal banks in terms of key performance ratios in profitability, liquidity, solvency, and efficiency.

UnionBank garnered several awards and recognitions including ‘Asia’s Best Bank Transformation’ in the 2018 Euromoney Awards for Excellence.


source: http://manilastandard.net/business/corpo...onths.html
Reply
#84
8-9

...teachers? malakas pala umutang ang mga teachers? Tongue

UnionBank expects faster loan growth

UNION BANK of the Philippines, Inc. expects its loan portfolio growth to accelerate further in the third quarter after it resolved issues on credit for teachers.

On the sidelines of Philippine Investment Summit in Taguig City, UnionBank President and Chief Executive Officer Edwin R. Bautista said the Aboitiz-led bank expects its loan growth to pick up this quarter.

“Our loans are still growing by 15-16%. It will accelerate in the third quarter because now we are able to book teachers loans, which was a big portion of our consumer loans,” Mr. Bautista told reporters on Wednesday.

Mr. Bautista explained that the lender was unable to issue loans for teachers for six months due to processing issues with the Department of Education (DepEd).

“Most of us who lend to teachers were hit by the delay in the DepEd processing. So for six months, we were not in effect granting loans,” Mr. Bautista said. “That’s been addressed now. It’s now flowing, our [net interest margin] will come back.”

Despite logging a lower net income in the second quarter, Mr. Bautista is confident that the bank’s full-year result will be better than the 2017 level.

“We don’t give profit guidance, but let me assure it will be higher than last year,” he said. “Actually, our income year-to-date is higher than our budget because of the way we design our budget.”

In the second quarter, UnionBank saw its net income decline 17.2% to P1.78 billion from P2.15 billion in the same period last year.

The bank’s other income came in at P1.6 billion, down 13% from a year earlier as service charges, fees and commissions fell 27.5% year-on-year to P818.85 million.

Still, UnionBank’s net profit in the six months to June was up 8% from a year ago at P4.72 billion.


source: http://www.bworldonline.com/unionbank-ex...an-growth/
Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)