Rebisco group-led Asia United Bank (AUB) posted a 52 percent growth in net profit last year to P2.3 billion, driven by a double-digit expansion in core earnings from lending activities.
In a press statement on Tuesday, AUB reported that net interest income had increased by 19 percent last year to P5.7 billion.
Gross interest revenue amounted to P7.3 billion, up by 19 percent from the previous year. This was aided by a 22 percent growth in commercial and consumer loans.
“We will continue to show strong growth in our core lending business to corporates and SMEs (small and medium enterprises. We are also making headways in retail products, auto loans, mortgages, salary loans, and remittances,” AUB president Abraham Co said in a press statement.
The universal bank grew its balance sheet by 8 percent to end last year with total resources of P165.5 billion.
AUB seeks to become a more significant player in the banking system by doubling its branch network while maintaining its long-term profitability at around 10-15 percent return on equity.
The bank, which is celebrating its 20th year of operations this year, is valued by the stock market at around P24 billion.
Among AUB’s subsidiaries are: Asia United Leasing and Finance Corp., Rural Bank of Angeles, Cavite United Rural Bank and Pinoy Express PTE Ltd. (Singapore).