Philippine banks UnionBank and BPI report significant net income increases in 2024, despite rising costs.

UnionBank of the Philippines, led by the Aboitiz family, saw a 31% rise in net income to P12 billion in 2024, due to strong consumer loans and fee-based revenue growth. Meanwhile, BPI, led by Ayala, reported a 20% increase in net income to P62 billion, driven by higher interest income and asset expansion. Both banks highlighted significant growth despite increased operating costs and provisions for bad loans.