Asia United Bank (AUB), the financial arm of the Ng family, booked a six-month net income of P5.2 billion, up 27 percent from the same period last year, on higher revenues and improving credit quality.
AUB said in a stock exchange filing Wednesday that net interest margin widened by 10 percent to P8.2 billion as interest income from its loan portfolio and investment activities rose.
This resulted in a net interest margin ratio of 5.4 percent from the previous year’s 5 percent.
AUB president Manuel Gomez said the improving business environment helped the bank deliver positive first-half financial performance.
“To remain a ‘challenger bank’ among the country’s top listed universal banks, we must become the ‘Digital Partner of Choice,’ advocating for open collaboration and helping others share in our success and responsibility to deliver financial inclusion,” said Gomez.
Loan loss provision dropped 92 percent to P78.0 million from P952 million in the previous year, while non-performing loan coverage ratio stood at 150.8 percent versus previous year’s 114.8 percent
Total deposits reached P281.1 billion, while total loan portfolio amounted to P187.9 billion.
AUB saw its operating expenses increase 7 percent in the first half to P3.3 billion, on higher compensation, capital expenditures and investments in further business growth.
Total equity increased 18 percent to P51.6 billion from retained earnings. Indicative common equity tier 1 ratio was at 17.8 percent and its capital adequacy ratio was at 18.6 percent, both above the regulatory minimum.
AUB’s board of directors declared a cash dividend of P2.33 per share payable in two tranches: the first, at P1.33 per share on July 31, 2024; and the second, at P1 per share, on Sept. 20, 2024.
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