Asia United Bank declares cash dividends

Asia United Bank (AUB) announced on Wednesday that it declared cash dividends worth P970 million to its stockholders.

In a disclosure, the listed bank said each share will receive a P2 cash dividend.

It will be paid out in two tranches on July 30 and October 15.

The last time AUB declared cash dividends was in May last year. It paid a total of P1.80 each share in July and October 2019.

“Coming from our banner year for the bank that was 2019, we carried our success onto a strong commencement of 2020,” AUB President Manuel A. Gomez said. “Amidst competition, AUB’s core businesses remain strong and robust.”

In the first quarter, AUB saw its net income rise by 7.45 percent to P1.18 billion, from P1.10 billion a year ago on the back of robust interest and operating income.

Interest income climbed by nearly 9 percent to P3.67 billion while operating income increased by 12.65 percent to P3.07 billion for the period.

Interest expense, meanwhile, slid by 24.53 percent to P903.3 million and total operating fees rose by 7.09 percent to P1.52 billion in the first quarter.

Loans and receivables improved by 12 percent to P172.1 billion in the first three months from P153.9 billion a year ago. Total deposits registered a 16-percent uptick at P217.2 billion for the period.

As of end-March, the bank’s total assets, liabilities and stockholders’ equity stood at P273.84 billion, P239.96 billion and P33.88 billion, respectively.

This year, AUB is committed to fund its capital expenditures for branch expansion, information technology infrastructure and other corporate matters.

“We continue to adapt to the swiftly changing economy and new way of life as we consistently improve our services and strive to remain relevant to customers in this ever-growing digital economy,” Gomez added.

AUB shares inched up by 0.21 percent, or 10 centavos, to close at P47.50 apiece amid the 0.03-percent rise for the benchmark index on Wednesday.

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