AUB profit up 4.5% to P2.3B

MANILA, Philippines — Earnings of Asia United Bank (AUB) climbed 4.5 percent to P2.3 billion in the first nine months despite the volatile equities markets.

AUB president Manuel Gomez said the bank is expected to sustain accelerated growth despite uncertainties in the financial markets.

“Amid the continuing volatility in the financial markets and the challenging business environment, we remain confident that AUB will show accelerated growth as we cater to the needs of corporates and small and medium enterprises,” Gomez said.

The 25.8 percent jump in loans and receivables to P146.1 billion from January to September boosted the bank’s bottom line.

“Propelling the growth were commercial loans and other loan segments such as auto, housing, and salary loans, which all posted double-digit growths,” AUB said in a statement.

Higher loans boosted the group’s total assets by 18.3 percent to P230.3 billion.

The deposit base of the AUB Group that includes the Rural Bank of Pampanga and thrift bank arm Cavite United Rural Bank grew 19 percent to P188.7 billion as of the end of September.

 This could be traced to the increase in branches to 258 as well as from a more intensified deposit-generation campaign for branch banking and other business segments.

AUB’s return on assets stood at 1.4 percent while return on equity was 11.2 percent versus year-ago ratios of 1.6 percent and 11.6 percent, respectively.

The Rebisco-led bank continues to revolutionize banking by leveraging on its enhanced IT platform to improve customers’ experience.

Since it opened at the height of the Asian financial crisis in 1997, AUB has been making use of technology to differentiate its service and operations.

In late 2017, the bank became the first Philippine partner bank of WeChat Pay, the second largest mobile payment app in China. Since the partnership was forged, AUB has been able to seize opportunities from the growing Chinese tourist arrivals in the country.