Asia United Bank (AUB) said it posted record-setting profit in the first three months of 2024, with a return on equity (ROE) of 20 percent, the highest in the bank’s 27-year history.
It also registered a return on assets (ROA) of 2.8 percent, the highest since AUB’s initial public offering in 2013.
Based on unaudited financial results, AUB saw its consolidated net income grow 16 percent in the first quarter to P2.3 billion from the previous year. This was attributable to higher net interest margin (NIM) and lower loan loss provisions.
Its net interest margin rose 10 percent to P4 billion due to revenue growth from the bank’s loan portfolio and investment activities. This resulted in an NIM ratio of 5.2 percent from the previous year’s 4.8 percent.