C07733-2023

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)
Oct 27, 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 9M2023 Net Income at P8.1 billion
Background/Description of the Disclosure

Union Bank of the Philippines’ net income for the first nine months of 2023 is at P8.1 billion. Business fundamentals remain strong and the Bank’s topline revenues continue to record robust growth, because of its focus in the consumer segment. Operating expenses were elevated due to one-time integration costs related to the Citi consumer business acquisition.

Net revenues amounted to P52.8 billion, up by 48% versus the same period last year. Net interest income grew 34% to P37.3 billion, largely attributed to the 18% increase in the Bank’s loan portfolio. Consumer loans grew faster at a pace of 22% year-on-year. The Bank has one of the highest proportion of consumer to total loans in the industry at 56%, resulting in the Bank’s above-industry net interest margin of 5.3%.

Non-interest income grew by 93% to P15.5 billion, largely due to recurring fee-based income on customer transactions. The Bank’s customer base has now reached over 13 million, averaging over 2 million new customers per year from 2019.

Operating expenses were up by 63% to P33.5 billion on account of the full-year impact of the acquired Citi consumer business and UnionDigital. These new businesses were only included as part of the banking group in the second half of 2022. At the same time, the Bank has spent a total of P3.6 billion on one-time expenses mainly coming from the integration of the Citi consumer business.

Total assets as of September 2023 amounted to P1.1 trillion, up by 8% from September 2022. Net loans and receivables climbed up by 18% to P531.0 billion, while total deposits grew by 6% to P724.7 billion.

Please refer to the attached Press Release dated October 27, 2023 entitled “UnionBank 9M2023 Net Income at P8.1 billion”.
Other Relevant Information

N/A
Filed on behalf by:
Name Joselito Banaag
Designation Senior Vice President, General Counsel and Corporate Secretary