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MANILA - The Union Bank of the Philippines on Monday said its 2012 profit rose by a sixth from the previous year.
In a disclosure to the Philippine Stock Exchange, the Aboitiz-owned lender said its net profit for the entire 2012 grew 15 percent to P7.5 billion from P6.6 billion in 2011 as it recorded gains in trading activities and miscellaneous income.
Its other income, which includes gains from trading as well as miscellaneous activity, rose 12.6 percent year-on-year to P10.77 billion. Net trading gains jumped 20.4 percent to P5.5 billion while miscellaneous income increased 26.3 percent to P2.4 billion.
Interest income -- representing gains from its lending business -- dipped 7.5 percent to P10.87 billion as interest income due from other banks plunged 7.3 times from P832 million in 2011 to P114 million the following year. This was offset, however, by the lower interest expense, which contracted by 25.4 percent to P3.56 billion year-on-year, resulting to net interest income inching up 4.7 percent to P7.3 billion.
At end-December, the bank's total resources stood at P275.85 billion, up from the previous year's P270.18 billion.
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