AUB 9M Net Income Up 52%

Pasig—(PHStocks)—Asia United Bank Corp.’s (PSE: AUB) unaudited net income of PhP1.8 billion for the first nine months of 2016 was 52.1% higher than the previous year’s PhP1.2 billion.

Despite lowering interest spreads and scant trading opportunities, the Group sustained its double-digit growth through increases in loans and deposits, plus lowering of cost for both funds and operations.

AUB Group, composed of publicly listed universal bank AUB and two rural bank units, has PhP95.8 billion in loans and for the period ending September 30, 2016 from PhP86.4 billion a year ago. On the other hand, deposits grew to PhP121.5 billion from PhP112.6  billion for the same comparative years.

Also contributing to the group’s bottom line is the increase in other income largely coming from gains from trading and securities amounting to PhP557.9 million for the period ended September 30, 2016.

AUB is among the to 20 banks in the Philippines with an asset size of PhP157.6 billion.

AUB first cash dividend was PhP0.67 per share paid last September 2016, two years after its initial public offering. It again paid a second dividend this same year with PhP0.33 per share last October 2016.

Incorporated in 1997, AUB is a universal bank with a total network of 238 branches, including those of its subsidiaries, the Rural Bank of Pampanga, and thrift bank arm Cavite United Rural Bank (CURB).