Asia United Bank, the financial unit of the Rebisco Group of companies, posted a 21-percent increase in consolidated net income in the first quarter of 2018 to P797.7 million year-on-year, fueled by a double-digit growth of the core lending businesses.
AUB said in a statement the first-quarter numbers, which include those of the Cavite United Rural Bank and the Rural Bank of Angeles in Pampanga, translated into a return on assets of 1.7 percent and return on equity of 12.2 percent compared with year-ago ratios of 1.6 percent and 11.4 percent, respectively.
Boosting the group’s bottom line was the 29.4-percent growth in interest income from loans and receivables and a 42.6-percent increase in other operating income.
“We remain confident that we have the momentum to grow the business further as we continue to cater to the needs of corporates and small and medium enterprises,” bank president Manuel Gomez said.
“We are taking advantage of our IT innovation to serve our customers better and faster, particularly in our growing consumer lending business,” he said.