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AUB net income surges 41% in first nine months

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October 17, 2024
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AUB net income surges 41% in first nine months
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ASIA United Bank Corp. (AUB) and its subsidiaries booked a record net income of P8.6 billion in the first nine months on the back of higher revenues and lower loan loss provisions, it said on Thursday.

This was 41% higher than the group’s net profit in the same period last year and also surpassed the its 2023 net earnings of P8.3 billion, AUB said in a disclosure to the stock exchange.

The bank’s nine-month performance translated to a return on equity of 22.4% and return on assets of 3.4%, both higher than the previous year’s 19.4% and 2.5%, respectively.

Its financial statement was unavailable as of press time.

“We expect our performance to remain robust, especially as we start reaping the full benefits of the government’s National ID system, with AUB being the first Philippine bank to integrate the Philippine Statistics Authority’s eVerify. This will hasten our account opening process and Know Your Customer compliance, reduce paperwork, improve loan application and approval processes, and enhance security for financial transactions,” AUB President Manuel A. Gomez said.

AUB’s net interest income grew by 11% to P12.5 billion in the nine months ended September on the back of higher interest earnings from its loans and investment activities amid the elevated rate environment.

Its net interest margin rose to 5.3% from 4.9% last year.

“Non-interest income grew from improved foreign exchange gain, recovery income, and service charges and other fees from other operating activities such as credit cards, AUB PayMate, remittance, trust, and other branch-related transactions,” it said.

“Through its digital partnerships, AUB has been enabling merchants to accept digital payments from their customers using its all-in-one digital payment acceptance product AUB PayMate and revolutionizing cross-border digital payments through its HelloMoney e-wallet, among others.”

Meanwhile, the bank’s operating expenses increased by 6% year on year to P5 billion in the first nine months due to higher compensation and capital expenditures “as it focused on new business growth opportunities.”

“Credit and impairment losses plunged by 93% from P1.1 billion a year ago, as credit quality improved,” AUB said.

The bank’s nonperforming loan (NPL) ratio was at 0.53% in the period, down from 0.7% a year ago. NPL cover was at 120.7%, up from 107%.

AUB’s loan portfolio grew by 6% to P198.9 billion from P188.2 billion a year prior.

On the other hand, deposits stood at P282 billion, with 70% made up of low-cost current account, savings account or CASA deposits, up from the 66% share last year.

This resulted in a loan-to-deposit ratio of 70.5%.

AUB’s total assets went up by 2% year on year to P352 billion at end-September.

Total equity increased by 25% to P56.6 billion.

The bank’s common equity Tier 1 ratio was at 19.6%, while capital adequacy ratio was at 20.4%, both above regulatory requirements.

Shares in AUB rose by P1.30 or 2.17% to close at P61.30 apiece on Thursday. — A.M.C. Sy

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