Asia United Bank Corp. (AUB) and its subsidiaries raised consolidated net income by 7 percent to P1.3 billion in the first half of the year, from P1.2 billion in the previous year. The lender also reported double-digit growth in loans and deposits.
AUB, along with Rural Bank of Angeles, Cavite United Rural Bank and Asia United Leasing and Finance Corp., posted a 17.7-percent growth in loans and receivables from P91 billion to P107 billion. Consumer loans, which include auto, mortgage and salary loans, surged by 35 percent.
Deposits, on the otherhand, climbed by 25.5 percent to P151 billion, from P121 billion in 2016. Cash inflow from trading and investment securities in the form of stocks and bonds showed double-digit decline, as AUB focused on recurring income.
“With lessening reliance on nonrecurring revenues, the group saw a 13-percent decline in income from trading and investment securities to P595 million versus P685 million a year ago,” the universal lender said on Monday.
In June AUB said it would strengthen consumer banking in its 239 branches, of which 112 are in Metro Manila and 127 in the provinces.
“Our consumer banking grew to P14 billion today from P8 billion two years ago. It accounts for 14 percent of our assets, but we plan to increase that to 30 percent while we want to sustain our 70-percent corporate loans,” AUB President Abraham T. Co said.
AUB believes it will sustain growth in net income as it strives to fulfill its targets.
“We remain on track with our aspiration to become one of the top 10 leading banks in the Philippines,” Co said.
AUB is one of the top 20 banks in the Philippines, with an asset size of P190 billion, which is 22 percent higher than the level in June 2016.