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March 02, 2024

2 more UnionBank VPs quit this month

Two more ranking officers of Union Bank of the Philippines led by bankero Edwin Bautista resigned from the bank for personal reasons.

In separate disclosures to the Philippine Stock Exchange, the Aboitiz-led bank said vice presidents Marcy Leonora Pilar and Gerb Reign Inajada tendered their resignation.

Pilar was also platform product manager. Her resignation is set to take effect on April 14.

Meanwhile, Inajada’s resignation took effect last April 1.

UnionBank also hired Maria Iraida Recto as asset and liability management head under the bank’s treasury group with a rank of first vice president effective last April 1.

Last March 31, UnionBank lost vice president Elmer Anthony Aquitania who also resigned for personal reason.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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