Asia United Bank (PSE: AUB), one of the country’s fastest-growing publicly listed universal banks, announced it will pay a total of PhP776 million in cash dividends.
In a disclosure to the Philippine Stock Exchange, AUB said its board of directors approved the declaration of cash dividends amounting to PhP1.60 per share to stockholders. The dividends will be payable in two tranches: PhP1 per share on May 31, 2018 for record date May 15, 2018, and PhP0.60 per share on August 10, 2018 for record date August 3, 2018 . The cash dividend will come from the unrestricted retained earnings of the bank. AUB first declared a cash dividend of PhP0.67 per share last June 24, 2016, only three years after its initial public offering.
AUB recently reported that a consolidated net income of PhP797.7 million for the first quarter of 2018, 21.3% higher than a year ago. This translated to a Return on Assets of 1.7% and Return on Equity of 12.2% versus year-ago ratios of 1.6% and 11.4%, respectively. Boosting the Group’s bottom line was the double-digit growth of its core lending businesses, particularly the 29.4% increase in interest income from loans and receivables, which was the third-highest growth in the local banking industry for the first quarter of 2018.
“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 IT innovation to serve our customers better and faster, particularly in our growing consumer lending business,” said AUB President Manuel Gomez.
The 20-year-old bank has been silently revolutionizing banking by leveraging on its enhanced IT platform to improve the banking experience for customers. Since it opened at the height of the Asian financial crisis in 1997, AUB has been making use of technology to differentiate its service and operations.
AUB recently became the first Philippine bank partner of the world’s largest mobile payment giant, WeChat Pay of China. This development enables AUB to seize opportunities from the growing Chinese population in the country, as well as from local merchants catering to their needs.
Incorporated in 1997, AUB is engaged in commercial banking with a total network of 294 branches nationwide, including those of its subsidiaries, the Rural Bank of Pampanga, and thrift bank arm Cavite United Rural Bank (CURB).