AUB’s Q1 consolidated net income grows 21%

Asia United Bank (AUB) reported its consolidated net income went up in the first quarter on the back of double-digit growth in its core lending businesses.
In a disclosure to the local bourse Tuesday, May 22, the Ng-led bank 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% than a year ago.
AUB said its net income last quarter was boosted by growth in interest income from loans and receivables as well as growth in other operating income, which rose 29.4% and 42.6%, respectively, in a comparable year-ago period.
Loans and receivables grew to P129.6 billion by 29.2% as of end-March compared with 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 other loan segments such as auto, housing and salary loans.
As a result, AUB’s net interest income rose 9.1% P1.681 billion in the first quarter from P1.542 billion last year. — Karl Angelo N. Vidal