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UnionBank Of The Philippines Selects Finacle Digital Banking Solution Suite On Cloud
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UnionBank of the Philippines selects Finacle Digital Banking Solution Suite
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BusinessWorld
April 29, 2021 | 12:05 am
UNIONBANK OF THE Philippines, Inc. has submitted an application for a digital bank license, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said on Wednesday.
“They [UnionBank] are the newest applicant of a digital bank license, the fourth one,” Ms. Fonacier confirmed in a Viber message.
Ms. Fonacier earlier said there were currently three applicants for a digital banking license from partnerships between local and foreign players.
UnionBank Senior Executive Vice-President and Chief Technology and Operations Officer Henry Rhoel R. Aguda likewise announced this at a webinar hosted by Malaysia-based FintechNews on Wednesday.
“We’ve already submitted our application [for a digital bank license], so the deputy governor is hopefully going to look at it favorably,” Henry Rhoel R. Aguda said, referring to Ms. Fonacier who was also among the speakers at the event.
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UNIONBANK of the Philippines, Inc. booked a lower net income last year on increased loan loss provisions due to the pandemic. FACEBOOK/UBP.UNIONBANK.PLAZA
UNIONBANK of the Philippines, Inc. saw its net profit drop in 2020 despite higher net interest income, as it ramped up its loan loss provisions to safeguard asset quality amid the coronavirus pandemic.
The Aboitiz-led lender’s net earnings declined 17.4% to P11.561 billion last year from P14 billion in 2019, it said in a disclosure to the local bourse on Monday.
This was equivalent to a return on equity of 11.9%.
UnionBank’s loan loss reserves reached P8.7 billion in 2020, surging from the P1.9 billion it set aside in the previous year. The bank’s nonperforming loan ratio picked up to 5.1% from 3.1%.