C00431-2024

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)
Jan 26, 2024
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 2,989,259,518
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 FY 2023 Net Income at P9.2 billion
Background/Description of the Disclosure

Union Bank of the Philippines’ net income for the year 2023 is at P9.2 billion. Topline revenues posted robust growth driven by a strong consumer business, higher margins, and customer transaction fees. The Bank’s bottom line, however, was affected by integration costs related to the Citi consumer business acquisition.

Net revenues increased by 36% to P71 billion versus the same period last year. The Bank’s net interest margin went up to 5.5% vs. 4.8% in the prior year. This resulted to net interest income reaching P52 billion or 34% higher year-on-year. The higher margin is attributable to the remarkable growth in consumer lending. The Bank’s consumer loans now account for 58% of total loan portfolio, which is diversified across credit cards, mortgage loans, personal/salary loans, and vehicle loans. Non-interest income was up by 41% to P19 billion, with fee-based income higher by 54% to P10 billion. The growth in fees was a result of the growing customer transactions such as bills payments, funds transfers, interchange, and other card-related fees.

Operating expenses were up by 43% to P45 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 incurred one-time costs due to the integration of the acquired Citi consumer business.

Total assets as of December 2023 amounted to P1.1 trillion, reflecting a 5% increase from December 2022. Net loans and receivables grew by 10% reaching P527 billion, while total deposits remained stable at P713 billion.

Please refer to the attached Press Release dated January 26, 2024 entitled “UnionBank FY 2023 Net Income at P9.2 billion”.
Other Relevant Information

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