Asia United Bank, the financial arm of the Rebisco Group of companies, said net income in 2018 rose 17 percent to P3.3 billion from P2.8 billion a year ago, driven mainly by strong core lending businesses.
Bank president Manuel Gomez said the remarkable performance last year further solidified its position as among the top fastest-growing publicly-listed universal banks in the country.
The net income of AUB and its subsidiaries translated into a return on assets of 1.5 percent and a return on equity of 11.8 percent.
Gomez attributed the double-digit profit growth to AUB and its subsidiaries’ core lending businesses, which remained robust despite the growing competition within and outside the industry.
He said customers were starting to feel the difference in using AUB’s innovative digital platforms such as using AUB Paymate’s QR code in transactions using their mobile wallets.
AUB is the only Philippine bank that has so far teamed up with three of the world’s mobile payment networks and actively in partnership with financial technology companies.