The Rebisco group’s banking arm Asia United Bank grew nine-month net profit by 19.3 percent year-on-year to P2.2 billion on higher earnings from its lending activities.
Amid the volatility in the financial markets, AUB sustained a double-digit growth by ramping up lending activities and generating deposits from its branch network nationwide.
Net interest income increased by 15.1 percent year-on-year to P4.8 billion, making up for the sluggish growth in trading and investment securities.
The AUB group – composed of publicly listed universal bank AUB and two rural bank units – grew the consolidated lending book by 21.3 percent year-on-year to end September at P116.2 billion.
Total resources expanded by 25.6 percent year-on-year to P198 billion.
Meanwhile, AUB generated P158.6 billion in deposits during the quarter, rising by 30.6 percent year-on-year. The group reached out to more customers through its consolidated distribution network of 250 branches, including those of its subsidiaries, the Rural Bank of Pampanga, and thrift bank arm Cavite United Rural Bank (CURB).
“We will continue to pursue our ambition to become one of the top 10 banks in the Philippines even under a new leadership,” said Abraham Co, who will relinquish his post as AUB president and become the bank’s chair effective January 1, 2018.
Incumbent chairman Jacinto L. Ng Sr., who founded the bank 20 years ago with some Asian partners, will become AUB’s chair emeritus.
During AUB’s 20th anniversary celebration last month, Ng also announced the appointment of AUB executive vice-president and branch banking group head Manuel Gomez as president, while chief transformation officer and consumer lending head Jacob Ng will take over as branch banking group head.