Asia United Bank (AUB) and its subsidiaries posted a net income of P2.6 billion in the first half of 2019, 63% higher than its equivalent period in 2018.
This is a return on equity of 17.6%, and a return on assets of 2.2% versus last year’s 12.0% and 1.6% respectively.
Income improvement comes from both securities trading and loan growth. The net interest income grew 25% to P4.5 billion due to a combination of higher lending rates and volume. Thus, the net interest margin improved to 4.6%. Asset quality likewise improved, as Net non-performing loans ratio is lower at 1.01%.
“We remain bullish with growth that AUB and all its subsidiaries have been exhibiting for the past six months. Our customers’ continued patronage to all our core services has helped boost AUB group’s total assets, and this is something that we will continue to improve on year on year,” Manuel A. Gomez, AUB President said.