AUB grows 1H profit by 37% to P817 million

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Asia United Bank (AUB), the banking arm of the Rebisco Group, grew its first-half net income by 37 percent to P817 million as trading and lending activities registered great contributions for the period.

The newest publicly listed universal bank reported on Monday that its consolidated net income for the first six months of 2013 increased by 37.3 percent to P817.1 million from P595.3 million in the same period last year.

“More robust trading and lending activities contributed to better financial results in the first half,” AUB said in a statement.

During the six-month period, AUB’s interest income from loans and treasury assets surged 25.9 percent to P1.6 billion from P1.3 billion in the same period last year.

Total loans of the bank also climbed 11.3 percent to P35.9 billion compared to the year-ago level, while its net interest margin increased 32 percent to P1.2 billion, as AUB booked more commercial loans to top-tier corporations and medium enterprises, and started growing its consumer loan portfolio comprised of auto, housing and salary loans, among others.

The universal bank’s total resources also expanded 25 percent to P80.3 billion from P64.2 billion from the same period in 2012.

Moreover, AUB started gearing up for its plan to double its branch network by 2015.

AUB said it is scheduled to open more branches in key cities, including in the Visayas and Mindanao, to meet its target of 150 branches by the end of 2013 from its current network of 126 branches.

“We remain true to our promise: AUB will become one of the top 10 banking industry players in the country,” said AUB President Abraham Co.

According to AUB, it has started to generate gains from its on-going branch expansion, as total deposits jumped 11.9 percent to P54.8 billion year-on-year.

In addition to physical presence and alternative channels such as online banking, AUB also launched last year its mobile banking application, joining the league of a handful of local banks that have entered the mobile arena.

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