AUB reports 19.3% consolidated net income in end-Q3 ’17

Loans and receivables as of end-Septmber amounted to PHP 116.2 billion from year-ago’s PHP95.8 billion. (Shutterstock photo)

MANILA — Publicly listed Asia United Bank (AUB) reported a 19.3 percent growth in unaudited consolidated net income as of end-September 2017 to PHP2.2 billion.

In a disclosure with the Philippine Stock Exchange (PSE) Monday, the bank said its latest net earnings is better the PHP1.8 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 PHP116.2 billion from year-ago’s PHP95.8 billion.

With the strong rise of loans, interest income from the loans segment reached almost PHP5 billion at the end of the third quarter, up 15.8 percent.

Net interest income inched up by 15.1 percent to PHP4.8 billion amid the dismal share from trading and investment securities given market volatilities.

Assets went up 25.6 percent to PHP198 billion.

Deposits in the third quarter alone rose 30.6 percent to PHP158.6 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 T. Co said.

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