Migration of Citi business weighs on UnionBank Q1 net income

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Unionbank News

Citi

Aboitiz-led Union Bank of the Philippines saw a decline in its first-quarter bottom line, as the lender saw higher operating costs to support the migration of the Citi Consumer business into its systems.

In a regulatory filing to the local bourse on Monday, UnionBank reported a P2-billion net income in the first three months of the year, lower than the P3.4 billion reported in the comparable period of 2023.This comes as the bank saw a 10% increase in its operating expenses to P11 billion, including a one-time integration cost of P1.1 billion, as the bank completed the final phase of the Citi integration on March 24, 2024.

We will now focus our efforts to realizing the full gains from cross-selling to our growing customer base,” chief financial officer Manuel Lozano said.UnionBank first announced the takeover of Citigroup Inc,’s consumer banking business in the Philippines in 2021, as the American banking giant closed its consumer banking in 13 countries to refocus its global operations in areas with the “greatest scale and growth potential.

 

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