AUB nets P2.8B
Rebisco group-led Asia United Bank (AUB) grew its consolidated net income last year by 23 percent to P2.8 billion on a double-digit expansion in interest earnings.
During the period, total loans increased by 34 percent to P131.1 billion. This enabled the AUB Group to book a net interest income of P6.5 billion, 15 percent higher than in 2016.
“We are confident that AUB will show accelerated growth on our core lending business as we cater to the needs of corporates and small and medium enterprises. We are making headways in the consumer market, particularly in credit cards, salary and pension loans,” AUB president Manuel Gomez said.
Consolidated gross interest income rose to P8.4 billion, 16 percent up from the previous year. This was primarily due to a 34-percent growth in commercial and consumer loans to P131.1 billion, aided by an 11-percent rise in trading and investments to P615.1 million.
AUB posted a 21-percent growth in total assets to nearly P200 billion. On the funding side, deposits grew by 23 percent to P159 billion.
The bank opened 10 additional branches, bringing its network nationwide to 249 branches.
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