ASIA UNITED Bank Corp. (AUB) reported its consolidated net income went up in the first quarter on the back of double-digit growth in its core businesses.
In a disclosure to the local bourse Tuesday, AUB said the lender and its subsidiaries, namely Cavite United Rural Bank and Rural Bank of Angeles in Pampanga, logged a consolidated net income of P797.7 million in the January to March period, up 21.3% from a year ago.
AUB said its net income last quarter was boosted by growth in interest income from loans and receivables as well as in other operating income, which rose 29.4% and 42.6%, respectively, from the comparable year-ago period.
Loans and receivables grew 29.2% to P129.6 billion at end-March from the P100.3 billion logged in the same period last year.
According to AUB, this was supported by double-digit growth in commercial loans as well as in other loan segments such as auto, housing and salary loans.
As a result, AUB’s net interest income rose 9.1% to P1.681 billion in the first quarter from P1.542 billion last year.
“We remain confident that we have the momentum to grow the business further as we continue to cater to the needs of corporates and small and medium enterprises,” AUB President Manuel A. Gomez was quoted as saying in the disclosure.
On the other hand, total deposits rose 22.6% to P166.5 billion in the first quarter from P135.8 billion last year, supported by the “continued expansion of AUB’s branch network as well as a more intensified deposit-generation campaign for branch banking and other business segments.”
The bank’s bottom line translated to a return on assets of 1.7% and return on equity of 12.2%, versus the year-ago ratios of 1.6% and 11.4%, respectively.
“We are taking advantage of our [information technology] innovation to serve our customers better and faster, particularly in our growing consumer lending business,” Mr. Gomez added.
Last month, AUB said the bank is set to launch its own QR code-based payment system called AUB Pay to take advantage of its customer base. — Karl Angelo N. Vidal