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Manila Bulletin devider Business devider The Stock Market devider AUB's profits leap 32% to P6.1 B

AUB's profits leap 32% to P6.1 B

Published Nov 13, 2023 07:27 am

Asia United Bank (AUB) posted a P6.1 billion consolidated net income for the first nine months of 2023, which is 32 percent higher than last year’s income of P4.6 billion due to sustained business volume and margin growth, along with higher non-interest income.

In a disclosure to the Philippine Stock Exchange (PSE), the bank reported a compound annual growth rate (CAGR) of 18 percent in net income, 14 percent in total assets, 17 percent in total loans, and 16 percent in total deposits.

Its operating income rose 21 percent in the nine-month period to P13.3 billion as its net interest income also increased by 20 percent to P11.2 billion brought by heightened yields and better business volume.

Meanwhile, non-interest income, coming from contributions of AUB’s operating activities like trading businesses, credit cards, AUB PayMate, and remittance, also grew 27 percent to P2.1 billion, and its return on assets (ROA) inched up to 2.5 percent from 1.9 percent year-on-year.

Total loan volume was P188.2 billion, resulting in a net interest margin of 4.9 percent. 

Deposits inclined by eight percent to P284.5 billion from P262.3 billion year-on-year. About 70.6 percent of AUB’s total deposit base is composed of low-cost CASA (current account/savings account). Its loan-to-deposit ratio stood at 66.2 percent.

Operating expenses for this nine-month period was also higher by 12 percent to P4.8 billion, driven by the “compensation increases and transaction volume-related expenses.”

Its asset base also expanded by eight percent to P344 billion, while equity increased by 20 percent to P45.5 billion.

“With our stronger performance in the first three quarters, we expect to maintain our lead among the country’s top ten listed universal banks in terms of CAGR on key indicators since AUB was listed on the bourse in 2013,” said AUB President Manuel A. Gomez.

“While we are seeing that the domestic economy has emerged strongly from the pandemic and many sectors are now on the path to recovery, we remain cautious of the confluence of global shocks that are unraveling. We expect monetary policy to remain hawkish, with inflation still not kept at bay. On the other hand, we see plenty of room for growth and collaboration, particularly in digital transformation,” Gomez added.
 

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