Asia United Bank (AUB) posted a net income of P2.3 billion for the first half of 2020, 10 percent lower from the same period last year, on the back of an 18 percent year-on-year increase in operating earnings.
This was partly offset by the P1.5 billion provision for loan loss reserves on account of the coronavirus pandemic.
“AUB remains strong and resilient. We are prepared to ride out this current scenario by keeping a healthy balance sheet and staying liquid. We will continue to adapt to the demands of the changing environment,” Manuel Gomez, AUB president, said.
Net interest income rose by 21 percent from P4.5 billion in 2019 to P5.4 billion this year, translating to a net interest margin of 4.6 percent.
Trading and securities gain also increased to P1.1 billion, translating to a 34 percent growth where the group took advantage of the downward trend of fixed income market yields.
