AUB income surges to P2.2B with bigger loans
Jacinto Ng’s Asia United Bank (AUB) saw its earnings jump by 19.3 percent.
AUB reported a P2.2 billion net income as of end-September, rising from the P1.8 billion profit booked during the same period in 2016.
In a statement, the listed lender said it was able to ride financial market volatility as its loan book grew by more than a fifth to reach P116.2 billion. This drove interest income to hover close to the P5-billion mark.
At the same time, bank deposits picked up to P158.6 billion, rising by 30.6 percent from last year’s P121.5 billion as more customers flocked the bank’s 250 branches, which also include its subsidiaries the Rural Bank of Pampanga, and thrift bank arm Cavite United Rural Bank.
AUB is celebrating its 20th year in the industry this 2017.