Rebisco group-led Asia United Bank (AUB) grew its consolidated net income last year by 23 percent to P2.8 billion on a strong expansion in interest earnings.
The bank increased its loan book last year by 34 percent to P131.1 billion, in turn supporting a 15-percent expansion in net interest income to P6.5 billion, AUB disclosed to the Philippine Stock Exchange on Tuesday.
“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 last year, 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 for the year, bringing its network nationwide to 249 branches.
To grow its lending to households or consumers, AUB recently relaunched a pioneering loan product, AUB CASHelp (Corporate Auto Salary Housing Employee Loan Program), as a one-stop consumer loan facility for accredited companies to help their employees seeking auto loan, housing loan or mere cash assistance in times of need.
AUB is the first Philippine partner bank of WeChat Pay, the second largest mobile payment app in China. The partnership enables AUB to seize opportunities from the growing Chinese tourist arrivals in the country.