Asia United Bank Corp. (AUB), the banking arm of the Rebisco group, doubled its net earnings in the first nine months after having recovered from an income slump during the same period in 2015.
In a regulatory filing on Monday, the lender reported unaudited net income of P1.8 billion for the period, 52 percent higher than year ago earnings of only P1.2 billion.
The bank said despite falling interest spreads and limited trading opportunities, the group posted growth through increases in loans and deposits, as well as by lowering the cost for both funds and operations.
AUB booked P95.8 billion in loans by end-September, from P86.4 billion, translating to a
10.9-percent growth.
Meanwhile, deposits grew 8 percent to P121.5 billion, from P112.6 billion.
“Also contributing to the group’s bottom line is the increase in other income largely coming from gains from trading and securities amounting to P557.9 million for the period ended September 30, 2016,” the bank said.
Last year AUB income slipped by 25 percent in the absence of one-off revenues that boosted its income performance in 2014.
AUB is among the top 20 lenders in the Philippines, with an asset size of P157.6 billion. It has a network of 238 branches, including its rural-bank subsidiaries the Rural Bank of Pampanga and the Cavite United Rural Bank, its thrift unit.