Jacinto Ng-led AUB grows profit
Medium-sized Asia United Bank of the Rebisco group saw its net income jump 52 percent to P2.3 billion last year on strong gains from lending and trading activities.
Gross interest revenue expanded by 19 percent to P7.3 billion, helped by a 22 percent growth in commercial and consumer loans. This allowed AUB to post a net income of P5.7 billion or an increase of 19 percent year on year.
“We will continue to show strong growth in our core lending business to corporates and SMES. We are also making headway in retail products, auto loans, mortgages, salary loans and remittances, said AUB Abraham T. Co.
Incorporated in 1997, AUB is a universal bank with a network of over 238 branches, including those of its subsidiaries, the Rural Bank of Pampanga, and thrift bank arm Cavite United Rural Bank. It is controlled by Chinese-Flipino businessman Jack Ng, who founded the Republic Biscuit Corp.