The Asia United Bank and subsidiaries, Cavite United Rural Bank and Rural Bank of Angeles in Pampanga, reported consolidated net income of P797.7 million in the first quarter of this year. This represented growth averaging 21.3 percent, from a year-ago level.
This translated to a return on assets of 1.7 percent and return on equity of 12.2 percent. Both improved from their year-ago values of 1.6-percent return on assets and 11.4-percent return on equity.
“We remain confident that we have the momentum to grow the business further as we continue to cater to the needs of corporates and small and medium enterprises. We are taking advantage of our information-technology (IT ) innovation to serve our customers better and faster, particularly in our growing consumer-lending business,” AUB President Manuel Gomez said.
The lender traced its strong growth to a 29.4-percent expansion in interest income from loans and receivables on top of a 42.6-percent growth in other operating income.