Asia United Bank, the lending arm of the Rebisco Group, said Monday net income jumped 50 percent in the first half to P2.9 billion from P1.9 billion a year ago, driven by higher operating income and lower provision for credit and impairment losses.
AUB president Manuel Gomez said in a statement AUB remained “on track with our target to return to our pre-pandemic net income performance of P4.4 billion, especially as the economy gradually reopens.”
Return on assets stood at 1.8 percent and return on equity was at 15.8 percent, better than 1.2 percent and 11.0 percent, respectively, in 2021.
“We are pleased to note that these profitability ratios are among the highest, if not the best, in the industry, as far as published reports of other publicly listed banks go,” Gomez said.
Total operating income grew 12 percent to P6.9 billion as of June 30 from P6.1 billion a year ago, boosted by higher net interest income and other operating income.
