Rebisco group-led Asia United Bank grew net profit in the first nine months by 66 percent year-on-year to P3.8 billion, driven by higher earnings from lending and securities trading.
For the third quarter alone, net profit improved to P1.22 billion from P710.66 million in the same period last year.
For the nine-month period, AUB’s net interest income increased by 24 percent year-on-year to P6.9 billion. This translated to a 4.3-percent net interest margin, higher than last year’s 4.2 percent.
“It is truly a remarkable year for AUB and we look forward to finishing 2019 strong. This growth is a result of the successful execution of our strategy from the beginning of the year, which remains a testament of the trust and confidence that our customers give us. We are confident that this growth will continue to motivate us to be the primary enablers our customers’ envisioned success,” AUB president Manuel Gomez said in a press statement on Wednesday.