ASIA UNITED Bank Corp. (AUB) booked a slightly higher net income in the first nine months of the year, boosted by strong growth in its lending business.
In a regulatory filing on Thursday, the Ng-led lender said its unaudited consolidated net profit stood at P2.3 billion in the nine months ended September, 4.5% higher than the P2.2 billion it posted in the same period last year.
This translated to a return on assets of 1.4% and return of equity of 11.2%, lower than the 1.6% and 11.6% year-ago ratios, respectively.
The bank said its bottom line was boosted by its loans and receivables at P146.1 billion, up 25% from P116.2 billion in the comparable year-ago period.
Its robust loan portfolio growth was propelled by commercial loans and other lending segments such as automobile, housing and salary loans, which all posted double-digit growth.
On the lending side, AUB and its two rural bank units — Rural Bank of Pampanga and Cavite United Rural Bank — generated P188.7 billion worth of deposits as of end-September, 19% higher than the P158.6 billion posted a year ago.
“[This was] primarily due to the increase in branches, as well as from a more intensified deposit-generation campaign for branch banking and other business segments,” AUB said.
Overall, the AUB Group’s total assets grew 18.3% to P230.3 billion as of September from P198 billion the previous year.
“Amid the continuing volatility in the financial markets and the challenging business environment, we remain confident that AUB will show accelerated growth as we cater to the needs of corporates and small and medium enterprises,” AUB President Manuel A. Gomez was quoted as saying in the statement.
The bank said it has been enhancing its electronic platforms. The lender also recently partnered with mobile payment providers to service the influx of Chinese visitors in the country.
Shares in AUB went up 15 centavos or 0.25% to close at P59.25 apiece on Thursday. — Karl Angelo N. Vidal