SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Jul 28, 2023

2. SEC Identification Number

36073

3. BIR Tax Identification No.

000-508-271-000

4. Exact name of issuer as specified in its charter

UNION BANK OF THE PHILIPPINES

5. Province, country or other jurisdiction of incorporation

METRO MANILA

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

UNIONBANK PLAZA, MERALCO AVENUE CORNER ONYX STREET, ORTIGAS CENTER, PASIG CITY Postal Code 1605

8. Issuer's telephone number, including area code

(02) 8841-8600

9. Former name or former address, if changed since last report

N/A

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON	2,353,746,590

11. Indicate the item numbers reported herein

ITEM 9 - OTHER EVENTS

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Union Bank of the PhilippinesUBP

PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
UnionBank 1H2023 Net Income at P6.4 billion
Background/Description of the Disclosure
Union Bank of the Philippines delivered a net income of P6.4 billion in the first six months of 2023, up by 6% against the same period last year. Net revenues for the first half of the year amounted to P34.4 billion, increasing by 60% versus the same period last year. Net Interest income grew 41% to P24.0 billion, largely attributable to the 43% increase in the Bank’s loan portfolio plus better net interest margin. Net interest margin increased by 60 bps to 5.2%. The Bank’s strong focus on high-yielding consumer loans more than offsets the impact of the rising cost of funds. The Bank’s proportion of consumer loans to total loans improved to 55% this year versus 42% last year. Fees and other income more than doubled to P10.5 billion, primarily due to card-related transactions, digital transactions, and the growing base of the Bank’s key subsidiaries. Operating expenses were up by 82% to P21.8 billion on account of one-time integration cost of the acquired Citi consumer business and the establishment of UnionDigital. Excluding the planned costs attributed to these new business segments, the increase in operating expenses was in line with volume growth. Total assets as of June 2023 amounted to P1.1 trillion, up by 27% from June 2022. Net loans and receivables climbed up by 43% to P522.2 billion, while total deposits increased by 25% to P693.3 billion. Please refer to the attached Press Release dated July 28, 2023 entitled “UnionBank 1H2023 Net Income at P6.4 billion”.
Other Relevant Information
N/A