AUB doubles earnings

Medium-sized commercial bank Asia United Bank (AUB) registered a net income of P443.2 million last year better by 220 percent from its 2001 income of P138.4 million.

The bank’s total resources grew by 15.8 percent from P12 .2 billion to P14.2 billion in 2002 with total deposits increasing by 12.9 percent from P6.5 billion in 2001 to P7.3 billion last year.

Total loan portfolio, likewise, grew by 10.8 percent from P7.8 billion in 2001 to P8.7 billion last year.

Despite the difficult economic conditions, AUB expects to establish in 2003 at least five branches– two in Metro Manila and three in provincial areas.

AUB executive vice president Manuel Gomez said that for now, more resources would be put into treasury activities which includes the marketing of high-end products not available from other banks and geared mainly for corporate accounts and high network individuals.

"As part of its long-term expansion program, the bank is continuously exploring the acquisition of more branch licenses," Gomez said in a statement.