Trading gains lift Union Bank’s 9-mo. income to P5.41B

Trading gains helped lift Aboitiz-led Union Bank of the Philippines’s income in the nine months to September, the bank said Wednesday. In a report to the Philippine Stock Exchange, Union Bank said its net income reached P5.41 billion, up by 28 percent from P4.25 billion a year earlier. While net interest income was nearly flat at P5.21 billion from P5.15 billion, other income improved to P7.49 billion from P4.47 billion. Trading gains rose to P4.45 billion from P2.09 billion. Expenses, on the other hand, grew to P6.24 billion from P4.56 billion as salaries and employee benefits jumped to P2.14 billion from P1.75 billion. — CMA/VS, GMA News