Published February 2, 2021, 5:30 AM Union Bank of the Philippines reported a 17 percent decline in net income to P11.6 billion last year from the P14 billion earned in 2019. However, the bank said in a disclosure to the Philippine Stock Exchange that this was achieved despite credit reserves growing by 4.7 times year-on-year or close to P7.0 billion more than 2019. “I am pleased with the Bank’s 2020 performance despite a challenging year. This was a product of all UnionBankers who continued to push boundaries amidst the crisis. The pandemic became the inflection point that affirmed our digital strategy,” said Union Bank President Edwin R. Bautista.