AUB reports higher net profit in first half

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Asia United Bank Corp. (AUB)

Asia United Bank (AUB) saw higher net profit in the first half of the year supported by double-digit growth in its core businesses.

In a disclosure to the local bourse Wednesday, Aug. 8, the Ng-led lender and its subsidiaries, namely Cavite United Rural Bank and Rural Bank of Angeles in Pampanga, recorded a consolidated net income of P1.57 billion in the six months ended June, up 17.5% from a year ago.

AUB said its net income last semester was boosted by growth in interest income from loans and receivables which rose 29.6% from the comparable year-ago period.

The bank also booked higher other operating income at 42.6% from the same period in 2017.

Net interest income stood at P3.56 billion, up 12.3% from a year earlier. — Karl Angelo N. Vidal