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ABOITIZ-LED Union Bank of the Philippines grew its net profit last year by 24 percent to P5.35 billion as higher net interest earnings were complemented by trading gains.
Based on a regulatory filing, the bank posted a net interest income of P7.07 billion for the year, up 9.4 percent from a year earlier on tighter grip on interest expenses.
Other income also went up 4.3 percent to P6.13 billion mostly due to a 39-percent surge in net trading gains to P2.85 billion. This reflected a very good year for the treasury business as interest rates were kept at record-low levels last year.
The banks total expenditures went …