Asia United Bank (AUB) posted double-digit growth in net income over nine months this year, the result of its drive to get to the top 10 performing financial institutions in the country.
In a disclosure on Monday, AUB reported a 19.3-percent income growth in the first nine-months that pushed its net income to P2.2 billions, from only P1.8 billion in the same January-to-September period last year.
The bank attributed the performance to the expansion of its lending activities as well as to its ability to generate deposits from its branch network during the period.
“We will continue to pursue our ambition to become one of the top 10 banks in the Philippines even under a new leadership,” said Abraham T. Co, who will give up his post as AUB president and be chairman effective January 1, 2018.
Incumbent chairman Jacinto L. Ng Sr., who founded the bank 20 years ago with Asian partners, will be AUB chairman emeritus.
Data from the Bangko Sentral ng Pilipinas show AUB as the 14th largest bank in the country in terms of assets as of end-June this year.
The AUB Group, composed of publicly listed universal bank AUB and two rural bank units, booked loans of P116.2 billion during the period or 21.3 percent higher than last year when it booked only P95.8 billion.
As a result, interest income from loans rose 15.8 percent to nearly P5 billion. Asset of P198 billion was 25.6 percent higher than last year.
AUB net interest income, meanwhile, showed a 15.1-percent increase to P4.8 billion from P4.2 billion despite the sluggish growth in trading and investment in securities during the period.
The bank also generated P158.6 billion in deposits during the period, up 30.6 percent from P121.5 billion a year ago.
“The group reached out to more customers through its consolidated distribution network of 250 branches, including those of its subsidiaries, the Rural Bank of Pampanga and thrift bank arm Cavite United Rural Bank,” the bank said.