AUB posts double-digit income growth

ASIA UNITED Bank Corp. (AUB) booked a double-digit growth in net income during the first semester, it said yesterday.

In a disclosure on Tuesday, the listed bank said its consolidated net income during the first six months of the year reached P2.6 billion, up by 63% from the same period last year.

This translated to a return on equity of 17.6% and return on assets of 2.2%, compared to last year’s 12% and 1.6%, respectively, the lender said.

The bank attributed the improvement of its bottom line to securities trading and loan growth.

“We remain bullish with growth that AUB and all its subsidiaries have been exhibiting for the past six months,” AUB President Manuel A. Gomez was quoted in the statement as saying.

“Our customers’ continued patronage to all our core services has helped boost AUB group’s total assets, and this is something that we will continue to improve on year on year,” he added.

Shares in AUB went down five centavos or 0.09% to close at P57.60 apiece on Tuesday. — Mark T. Amoguis