Pasig—(PHStocks)—Asia United Bank Corp. (PSE: AUB), the newest publicly listed universal bank, reported that its consolidated net income for the first six months of 2013 increased by 37.3% to PhP817.1 million from PhP595.3 million in the same period last year.
The banking arm of the Rebisco Group, the country’s leading food snack company, said more robust trading and lending activities contributed to better financial results in the first half.
During the period, AUB’s interest income from loans and treasury assets surged 25.9% to PhP1.6 billion from PhP1.3 billion in the same period last year. Total loans rose 11.3% to PhP35.9 billion compared to the year-ago level. Net interest margin increased 32% to PhP1.2 billion as AUB booked more commercial loans to top-tier corporations and medium enterprises and started growing its consumer loan portfolio comprised of auto, housing and salary loans, among others.
Total resources grew 25% to PhP80.3 billion from PhP64.2 billion from the same period in 2012.
After a successful initial public offering last May that raised PhP8 billion, AUB has started flexing its financial muscle in a bid to double its branch network by 2015.
It is scheduled to open more in key cities, including in Visayas and Mindanao, to meet its target of 150 branches by the end of 2013 from the current network of 126 branches.
The bank has started to reap gains from its branch expansion and more intensified deposit generation campaigns as total deposits jumped 11.9% to PhP54.8 billion year-on-year.
“We remain true to our promise: AUB will become one of the top ten banking industry players in the country,” said bank president Abraham T. Co.
In addition to physical presence and alternative channels such as online banking, AUB also launched last year its mobile banking application, joining the league of a handful of local banks that have entered the mobile arena. Considered one of the most comprehensive mobile tools to date, the AUB Mobile App goes beyond the plain-vanilla account balance and transaction history inquiries. It also allows users to view the image of issued checks and download monthly bank statements. The mobile app also enables users to locate and call the nearest AUB branches with just a click of the branch locator icon. This pioneering feature is also available to AUB’s clients abroad who can locate and contact the bank’s foreign partners for remittance services.