AUB and its subsidiaries posted a net income of P1.1 billion in the first quarter of 2019. This is 38% higher than 2018, year-on-year. Total net interest income increased by 29%.
“This gives us greater optimism about our bottom line prospects, given our continuous reliance on our core earning assets which are more sustainable,” said AUB President Manuel Gomez.
The net income translated to a return on assets of 2.00% and a return on equity of 15%.
In the first quarter, the group’s total assets grew 13% to P234 billion, with loans and receivables increasing by 19% to P153.9 billion, as the group continued to tap cross-selling opportunities for both commercial and consumer loans across all product types, including credit cards, housing loans, auto loans, and salary loans. This was matched by a 12% growth in deposits to P186.9 billion.
“Amid the feverish competition within and outside the banking industry, AUB and its subsidiaries’ core lending businesses remained robust. Our digital strategy enables us to reach out to more customers anywhere and anytime despite our modest branch network,” said Gomez.
The bank has 260 branches nationwide, including those of wholly owned subsidiaries Cavite United Rural Bank (CURB) and Rural Bank of Angeles.