UnionBanCal Q4 net income declines
US-based commercial bank holding company UnionBanCal has reported a net income of $129m for the fourth quarter of 2011, compared to $172m for the same period in 2010.
The total revenue for the fourth quarter of 2011 was $791m, down 10%, compared to $882m for the same period a year ago.
Net interest income was $640m, up 1%, compared to $631m for the same period in the previous year.
The increase in net interest income was primarily due to overall loan growth, largely offset by a decrease in the net interest margin which declined 24 basis points from the year-ago quarter.
Noninterest income was $151m, a decrease of 40%, compared to $251m for the same period in the previous year.
The decrease in noninterest income was primarily due to lower gains on the sale of securities and lower other noninterest income.
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