Expansion costs hit UB’s H1 profits

Aboitiz-led Union Bank of the Philippines (UnionBank) expects its earnings to improve soon even as continuing costs for the expansion of its credit card business weighed net income down by 35 percent to P3.3 billion in the first half of 2025 from P5.07 billion in the same period last year.

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The bank disclosed to the Philippine Stock Exchange (PSE) that total revenues grew 9.2 percent to P39.7 billion year-on-year, fueled by higher net interest income and an expanded fee-income base.

The top-line performance provided a cushion to the impact of credit costs as a natural result of the significant addition of new credit card customers to the bank’s retail base and from its subsidiaries.