AUB group profit rises to P2.2B in 9 months

Listed Asia United Bank (AUB) reported a 19.3 percent growth in unaudited consolidated net income for the year up to September to P2.2 billion.

In a report to the Philippine Stock Exchange (PSE), the bank said its latest net earnings is better the P1.8 billion it registered in 2016.

It traced this improvement to expansion of loans, which grew 21.3 percent in the first three quarters of the year, and of deposits, which rose 30.6 percent in the third quarter alone.

Loans and receivables as of end-September amounted to P116.2 billion from year-ago’s P95.8 billion.

With the strong rise of loans, interest income from the loans segment reached almost P5 billion at the end of the third quarter, up 15.8 percent.

Net interest income inched up by 15.1 percent to P4.8 billion amid the dismal share from trading and investment securities given market volatilities. Assets went up 25..6 percent to P198 billion.

Deposits in the third quarter alone rose 30.6 percent to P158.6 billion, due in part to the bank’s network of 250 branches, including those of its subsidiaries – – Rural Bank of Pampanga and thrift banking arm Cavite United Rural Bank (CURB).

“We will continue to pursue our ambition to become one of the top 10 banks in the Philippines even under a new leadership,” AUB president Abraham Co said.

Co will become the bank’s chairman starting January 1, 2019 and will be replaced by incumbent chairman Jacinto Ng Sr.