Stock News 2012: Union Bank profit up 17% to P6.3B in Jan-Sept

English: A logo for the Union Bank of the Philippines (Photo credit: Wikipedia)

Union Bank of the Philippines, the financial arm of the Aboitizes, has posted a net income of P6.3 billion in the first nine months of 2012, up 17 percent from P5.4 billion in the same period in 2011, a company report said.

In its report submitted to the Philippine Stock Exchange (PSE), UnionBank’s net income for the third quarter declined to P2.2 billion from P2.5 billion last year.

Net interest income rose to P5.4 billion in the first three quarters of the year compared to P5.2 billion last year. However, net interest income for the quarter alone dropped to P1.78 billion from P1.82 billion in 2011.

UnionBank’s gains from trading increased to P5.28 billion as against P4.45 billion in the comparative period last year.

The bank’s basic earnings per share stood at P13.13 in January to September 2012 from P11.24 in the same period 2011.

This year, the bank is expecting its income to grow 10 to 15 percent from last year.

Loan growth for the year is likely to hit 20 to 25 percent, said UnionBank president and COO Vic Valdepeñas.

UnionBank started operations in 1981 and became a commercial bank by Jan. 19, 1982.

In July 1992, it was granted the license to operate as a universal bank.

The bank acquired the International Corporate Bank (Interbank) in 1994.

At present, it has multiple channels that are available for transaction and information access such as through its 190 branches nation wide, 224 ATMs as of January 2012), a call center and Internet bank.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=863405

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Stock News 2011: BoI investments jump 183% as of Feb

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New projects registered with the Board of Investments (BoI) from January to February 15 this year jumped 183 percent to P11.398 billion from P9.917 billion in the same period last year.

BoI executive director Lucita P. Reyes said the investments represent the combined cost of 29 projects approved for the first one and a half month period this year. There were only 22 projects registered with the BoI in the same period last year.

Based on the BoI data, these new projects are expected to generate 3,661 jobs once they go into full commercial operation.

"We have good prospects this year, this will be a very good year because of the thrust of the government to continue improving the investment environment," Reyes said.

Last year, the BoI registered P301 billion worth of investments, surpassing its 2010 target of P287 billion.

For 2011, the BoI has set a lower investments target of P296 billion because the agency has decided not to register anymore the independent power project administrators, which account for a significant share of the agency’s project approvals in 2010.

http://www.mb.com.ph/node/305311/boi-inve