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.
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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.
