Asia United Bank (AUB) and its subsidiaries posted a consolidated net income of P2.9 billion in the first half of the year, 50 percent higher than the P1.9 billion recorded in the same period in 2021. The group attributed its stellar performance to higher total operating income and lower provision for credit and impairment losses.
“We remain on track with our target to return to our pre-pandemic net income performance of P4.4 billion, especially as the economy gradually reopens,” said AUB president Manuel A. Gomez.
The Group’s net income translated to a Return on Assets of 1.8 percent and a Return on Equity of 15.8 percent from 1.2 percent and 11.0 percent, respectively, in 2021.
“We are pleased to note that these profitability ratios are among the highest, if not the best, in the industry, as far as published reports of other publicly listed banks go,” Mr. Gomez added.
The group’s total operating income increased by 12 percent to P6.9 billion as of June 30 from P6.1 billion a year ago, boosted by higher net interest income and other operating income.
Net interest income rose by 8 percent to P5.8 billion from P5.4 billion in same period last year due to an increase in interest income and lower interest expense. Interest income from loans and receivables remained flattish at P5 billion while interest income from trading and investment securities grew 56 percent, year-on-year.
