ASIA United Bank, the banking arm of the Rebisco group, doubled its net profit in the first quarter from that of the same period last year as the spike in its core businesses was complemented by a strong rebound in trading and investment gains.
AUB chalked up a net profit of P448.9 million for the first three months—119 percent higher year-on-year, the bank reported to the Philippine Stock Exchange.
The bank’s profitability was driven by a double-digit growth in interest income from loans, as well as a strong rebound in trading and investments, based on unaudited financial statements.
The bank’s loan portfolio in the first quarter grew by 39 percent to P73 billion year-on-year. This enabled AUB to breach the P1-billion mark in interest income from loans, which rose by 52 percent during the period. Its net interest margin increased by 21 percent to P1 billion in peso terms from that of last year.
On the funding side, the bank saw its deposit base expand by 20 percent year-on-year to P99 billion during the quarter from a year ago. The bank ended the quarter with total assets of P127 billion, 14 percent higher than the level seen in the same period last year. Doris Dumlao-Abadilla