AUB posts 7.6% rise in net income in H1 ‘14

MANILA, Aug. 19 (PNA) — Higher loan growth along with interest income boosted Asia United Bank’s (AUB) net income in the first half of 2014.

In a disclosure with the Philippine Stock Exchange (PSE) Tuesday, the bank said its net income in the first six months of the year reached PHP 879.5 million, up 7.6 percent year-on-year.

It cited that interest income from loans went up 34.5 percent year-on-year buoyed by the 58.8 percent rise in loans.

This brought the net interest market to increase by 4.35 percent,

AUB president Abraham T. Co said their consumer loan portfolio expanded by 23 percent year-on-year.

”While we continue to grow our loans to corporate and SMEs (small and medium enterprises), we have also succeeded in increasing our sales of retail products, such as auto loans, mortgages, salary loans, and remittances,” he said.

As of end-June this year, the bank had a total of 190 branches and 178 automated teller machines (ATM) all over the country.

This helped the financial institution to increase deposit base to PHP 82.9 billion, up 51.4 percent year-on-year.

The bank’s total assets at the end of the first half this year reached PHP 112.68 billion, 40.3 percent up compared to the same period last year.

It targets to increase its branch network by 26 more in the second half of the year and these will be located in key cities and provinces.

It also plans to launch at the latter part of the year its credit card business and it “remains confident that its financial performance will be sustained through the year as it seizes opportunities from a growing domestic economy.” (PNA)