The Rebisco group’s banking arm Asia United Bank (AUB) grew its net profit last year by 17 percent to P3.3 billion as the bank harnessed digital platforms to boost core lending businesses.
The net income of AUB and its subsidiaries translated to a return on equity of 11.8 percent and a return on assets of 1.5 percent for 2018, AUB disclosed to the Philippine Stock Exchange.
AUB president Manuel Gomez attributed the double-digit profit growth to the group’s core lending businesses, which remained robust despite the growing competition within and outside the industry. In addition, he said customers were starting to feel the difference in using AUB’s innovative digital platforms such as AUB Paymate’s QR (quick response) code in transactions involving their mobile wallets.
AUB is the only Philippine bank that has so far partnered with three of the world’s mobile payment networks. It is in partnership with financial technology companies.
The bank’s total net interest income rose by 19 percent to P7.8 billion primarily attributed to the 35-percent increase in interest income from loans and receivables.
AUB grew its loan book by 19 percent last year, which the bank attributed to continued efforts to maximize its cross-selling potential for commercial and consumer loans across all product types.
AUB’s assets expanded by 19 percent to P238 billion in 2018.—DORIS DUMLAO-ABADILLA