ASIA United Bank (AUB) and its subsidiaries posted a consolidated net income of P1.23 billion for the first six months of 2016, up 44 percent from the same period last year, on the back of strong gains from its lending and trading activities.
For the second quarter alone, AUB’s net income reached P658 million, 62.9 percent higher than the P403.86 million recorded a year earlier and 14.8 percent higher than the previous quarter’s net profit of P572.9 million.
The AUB Group, composed of publicly listed universal bank AUB and two rural banks, said interest income in the first half jumped 25 percent to P3.5 billion.
“Driving the income was the growth in loans, both commercial and retail, which stood at P2.7 billion from the year-ago level of P2.1 billion. Trading income likewise improved,” it said in a statement.
AUB said it expanded its geographical reach during the first half to include 22 branches of Rural Bank of Pampanga (RBA) and the Cavite United Rural Bank (CURB).
AUB is also among the top 20 banks in the Philippines with an asset size of P155.4 billion, 18 percent higher than as of June 30, 2015.