ASIA United Bank, the financial arm of the Rebisco Group, and its subsidiaries posted a 44-percent increase in net income in the first half of 2016 to P1.23 billion year-on-year, on the back of strong gains from its lending and trading activities.
The AUB Group, composed of publicly listed universal bank AUB and two rural banks, saw its interest income jumped 25 percent to P3.5 billion for the period in review.
“Driving the income was the growth in loans, both commercial and retail, which stood at P2.7 billion from the year-ago level of P2.1 billion. Trading income likewise improved,” the bank said in a statement Friday.
AUB is among the top 20 banks in the Philippines with an asset size of P155.4 billion, 18 percent higher than a year-ago level.
AUB president Abraham Co said earlier the bank was on track to become one of the top 10 leading banks in the Philippines. He said amid the financial market volatility, AUB and its subsidiaries continued to intensify their lending activities and generate deposits from a wider branch network nationwide.
The bank in November 2015 raised P5 billion in Tier 2 unsecured subordinated notes to increase and strengthen its capital base and its capital adequacy based on the requirements of Bangko Sentral ng Pilipinas.