Manila—(PHStocks)—Asia United Bank (AUB) and its subsidiaries posted a net income of P879.5 million for the first six months of the year, a 7.6% increase from the same period in 2013. AUB’s interest income from loans rose 34.5% aided by a strong loan growth of 58.8%. Net interest margin was maintained at 4.35%.
“While we continue to grow our loans to corporates and SMEs, we have also succeeded in increasing our sales of retail products, such as auto loans, mortgages, salary loans, and remittances. Our consumer loan portfolio grew 23% versus year-ago levels,” said AUB president Abraham T. Co.
The AUB Group continued to reach out to more customers as it expanded its consolidated distribution network to 190 branches and 178 ATMs as of June 30, 2014. This reach resulted in a higher deposit base of P82.9 billion, a 51.4% year-on-year increase. The Group’s total assets was P112.68 billion, 40.3% higher than the same first-half period in 2013.
In the second half of the year, AUB plans to add 26 more branches, mostly in key cities and provinces. In addition, it will launch its credit card business in the fourth quarter. The Group remains confident that its financial performance will be sustained throughout the year as it seizes opportunities from a growing domestic economy.
Asia United Bank (AUB) is among the very few Philippine commercial banks granted a full-branch license in 1997 and operating until this day. In 2013, AUB was given an authority by the Bangko Sentral ng Pilipinas to operate as a universal bank and became publicly listed. Website: www.aub.com.ph