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UnionBank shares rise on earnings report, PSEi reentry - BusinessWorld Online

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SHARES in Union Bank of the Philippines (UnionBank) rose last week when the Aboitiz-led bank reported its full-year earnings and ahead of its return to the Philippine Stock Exchange index (PSEi) after 14 years. READ:

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The Aboitiz-led bank shares finished at P96 apiece on Friday, inching up by 2.7% from its P93.50 close last Jan. 27. For the year, the stock has risen by 11.5%. He added that the bank’s fourth-quarter performance was stronger on an annual basis although its “bottomline performance was relatively flat despite the strong growth in revenues .”

The listed bank’s acquisition of the consumer banking business of Citigroup, Inc. in the Philippines was completed in August last year. It was valued at P55 billion. The move comes after the bourse operator’s index review for 2022. To be included in PSEi means a listed company must be among the top in terms of liquidity and market capitalization.

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