Union Bank of the Philippines, the country’s ninth largest lender by assets, said Tuesday its board approved the infusion of up to P1.6 billion additional capital into UnionDigital Bank Inc.
The capital infusion, UBP told the Philippine Stock Exchange, will support UnionDigital’s ongoing business operations and allow it to deliver sustainable growth.
UnionDigital reported revenue exceeding P5 billion in 2023 on higher deposits and loans. It claimed 65 percent of the industry’s loans and second largest deposits among digital banks with a 25 percent share.
The digital bank said its loan-to-deposit ratio increased to 69 percent last year from only 58 percent in 2022.
