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NEWS UPDATES Asean Affairs    July 28, 2017  









UnionBank net income down in Q2

Union Bank of the Philippines on Thursday reported a net income drop in the second quarter of the year, brought about by higher impairment losses and other expenses.

In a filing with the Philippine Stock Exchange, UnionBank reported a net income of P2.150 billion in April to June, down 6.84 percent from P2.308 billion a year earlier.

Impairment losses – the decrease in value of an asset which exceeds the cash flow it should generate – rose to P35.027 million from P21.215 million in the same comparable period, while other expenses rose to P3.236 billion from P2.682 billion.

Interest income grew to P5.769 billion from P5.012 billion.

In the first half of the year, UnionBank said net income reached P4.365 billion, up from P3.922 billion a year earlier.

Earlier this month, UnionBank said it was conducting an internal probe into a supposed theft of P17 million by one of its employees.

According to initial reports, UnionBank Cash Services Group head Vincent Paul Castillo found that Mariebel Osorio made an unauthorized cash transfer of P17,029,000 from the Ortigas Cash Center to the Caloocan Cash Center. — Jon Viktor Cabuenas/VDS, GMA News


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ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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