The downfall in the net income has been attributed by higher effective income tax rate in the current quarter and a prior-quarter net gain on the sale of certain business units.
For the second quarter ended on 30 June 2012, its total revenue was $834m, down by 2% from $854m during the corresponding period last fiscal.
Net interest income increased by 1%, and non-interest income decreased by 13%, while the net interest margin was 3.29%, compared with 3.27% for the prior quarter.
Net interest income for the latest quarter period stood at $659m, with an increase of 7% compared to a net interest income of $614m during the second quarter earlier year.
The increase in net interest income was primarily due to a more favourable mix of earning assets and a higher average yield on FDIC covered loans, partially offset by a lower average yield on securities.
Headquartered in San Francisco, UnionBanCal offers financial services to individuals, small businesses, middle-market companies, and major corporations and managed 402 branches in California, Washington, Oregon, Texas, Illinois, and New York as well as two international offices, as on 30 June 2012.
