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UnionBanCal 2012 revenues increase by 4% to $3.4bn

US-based bank holding company UnionBanCal has reported total revenues of $3.4bn for the year 2012, with an increase of 4% compared with 2011.

Its net income stood at $629m, down by 19% from $778m during the corresponding period earlier year, mainly due to the after-tax effect of a $239m increase in total provision for credit losses.

For the year ended on 31 December 2012, its net interest income grew by 6% to $2.63bn, against $2.47bn during the comparable period a year ago, primarily due to higher average earning assets and higher interest income on PCI loans.

Noninterest income for the current year decreased by 4% to $787m, against $816m during the year-over-year period, mainly due to $94m increase in salaries and employee benefits expense.

The Basel I Tier 1 common and Tier 1 risk-based capital ratios stood at 12.35% and 12.44%, respectively, at 31 December 2012.

UnionBanCal is the parent company of San Francisco-based Union Bank, which operated 402 branches in California, Washington, Oregon, Texas, Illinois, and New York as well as two international offices, as on 30 September 2012.