AUB nets P1.6B as loans surge
Bigger loans meant bountiful profits for the Asia United Bank (AUB).
Rebisco founder Jacinto Ng’s banking foray has turned out extremely well, with AUB reporting a P1.57 billion net income for the first half of 2018.
The bottom line grew 17.5 percent higher than what the lender made a year ago. In particular, loans and receivables jumped by 25.8 percent to reach P135.19 billion, pushing net interest income 12.3 percent higher year-on-year.
Deposits also grew by a tenth to P169.04 billion.
“We were able to sustain our momentum in growing the business despite the intensifying competition and volatile financial markets,” AUB President Manuel Gomez said in a disclosure.
“Our IT innovations have enabled us to differentiate ourselves in serving corporates and small and medium enterprises, as well as in our growing consumer lending business.”