Asia United Bank, the financial arm of the Rebisco Group, expects net income to rise 14 percent to P3.2 billion this year from P2.8 billion in 2017 on the strength of its core businesses.
AUB president Manuel Gomez said Friday the bank managed to boost the robust financial performance despite its network size.
“We’re a young organization but we’re at the forefront of innovation—powered by a tech-savvy senior management and an entrepreneurial mindset, and not bogged down by legacy systems,” Gomez said, citing the focus on people development in order to expand the business.
Robust growth in loans and deposits nudged up the net income of AUB and its subsidiaries to P2.8 billion in 2017, up 23 percent than a year ago. It also ranked number one in deposits and loans, with year-on-year increases of 22.40 percent and 31.87 percent, respectively, in 2017, based on the published statements of conditions of 10 publicly-listed universal banks.
The deposit level stood at P158 billion in 2017 from P129 billion in 2016, while total loans amounted to P130 billion in 2017 from P99 billion a year earlier.
AUB plans to further leverage on its enhanced IT platform to improve the banking experience for its customers.
Gomez said the 20-year-old bank had been making use of technology since it opened at the height of the Asian financial crisis in 1997 to differentiate its services and operations in the highly competitive market.
AUB continues to reach out to customers through its branches nationwide. The bank plans to open 15 new branches, which will bring its network size to 264 by the
end of the year, including the branches of its subsidiaries, Cavite United Rural Bank and the Rural Bank of Angeles in Pampanga.
“We want most of them outside of Metro Manila, as we are looking to expand our reach nationwide. Subsequently, we are looking at opening 10-12 branches per year, as well as ensuring the profitability of all our branches,” Jacob Ng, AUB’s chief transformation officer and branch banking head, said.