UnionDigital Bank, the digital banking subsidiary of Union Bank of the Philippines, has extended loans amounting to P13 billion, capturing a 75 percent market share in the lending sector by the close of May this year. The substantial growth in the loan portfolio is attributed to its integration within the UnionBank ecosystem. This achievement has translated into a net income surge of triple-digit percentages during the first half of this year compared to the latter half of 2022.
UnionDigital Bank’s President and CEO, Bankero Henry Aguda, expressed the bank’s dedication to empowering Filipinos to pursue their aspirations, highlighting the diligent efforts of the bank’s team in propelling it to become one of the swiftest digitally-driven banks globally to achieve profitability. Aguda asserted the preparedness of the Philippine banking sector for the international platform.
He also underscored the collective accomplishment not only for UnionDigital Bank but for the entire Digital Banking Association of the Philippines (DBAP) community, highlighting the validation of the country’s digital banking innovation by this achievement. Aguda applauded the endorsement of DBAP by the Bangko Sentral ng Pilipinas (BSP), which aims to address immediate priorities for the success of digital banks in the country.
The bankero also indicated that as UnionDigital Bank emerges as one of the Philippines’ fastest digitally profitable banks, the BSP’s support for DBAP reflects the regulator’s commitment to the growth and prosperity of the digital banking sector. He reiterated the collaborative shaping of a dynamic future for the industry as a result of this initiative.