Core lending to continue to drive growth
ASIA United Bank (AUB) posted a 52 percent profit increase in 2016 and said that lending to corporate borro wers and small and medium enterprises (SMEs) will continue to drive earnings growth this year.
“We will continue to show strong growth in our core lending business to corporates and SMEs,” AUB President Abraham Co said in a statement released on Tuesday.
Co said the bank is also making headway in retail products, auto loans, mortgages, salary loans, and remittances.
AUB and its subsidiaries posted a net income of P2.3 billion in 2016, 52 percent higher than the P1.5 billion recorded in the previous year.
The bank said its total assets as of end-2016 stood at P165.5 billion, 8 percent higher than at the end of 2015.
It said gross interest revenue rose 19 percent year-on-year to P7.3 billion, boosted by a 22 percent growth in commercial and consumer loans.
This enabled the Group to book a net interest income of P5.7 billion, a 19 percent growth versus 2015, it said.
AUB began its commercial operations in October 1997. In 2012, it obtained approval from the Bangko Sentral ng Pilipinas (BSP) to upgrade its license to expanded commercial banking status. In February 2013, the company was granted authority to operate as a universal bank.
With AUB’s universal banking status, the company is authorized to operate as an investment house, including securities underwriting and trading, loan syndication, financial advisory, private placement of debt and equity securities, project finance, and direct equity investment; and is authorized to invest in allied and non-allied enterprises.
AUB has four subsidiaries: Asia United Leasing and Finance Corporation, Rural Bank of Angeles, Cavite United Rural Bank, and Pinoy Express PTE Limited (Singapore). Together with its subsidiaries, AUB has a network of 238 branches.