AUB net up 66%

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    Asia United Bank (AUB) posted a net income of P3.8 billion by end of third quarter of 2019, 66 percent higher than a year ago.

    Boosting its bottom line was the 38 percent growth in interest income from loans and receivables.

    The bank’s gross interest income increased by 39 percent to P10.4 billion by end of September 30, 2019 from P7.5 billion of the same period in 2018.

    Net interest income increased by 24 percent from P5.6 billion for the period ended September 30, 2018 to P6.9 billion same period this year.

    This translated to a 4.3 percent net interest margin, higher than last year’s 4.2 percent.

    “It is truly a remarkable year for AUB and we look forward to finishing 2019 strong. This growth is a result of the successful execution of our strategy from the beginning of the year, which remains a testament of the trust and confidence that our customers give us.

    We are confident that this growth will continue to motivate us to be the primary enablers our customers’ envisioned success,” said Manuel Gomez, AUB President.