Asia United Bank, the financial subsidiary of the Rebisco Group of Companies, said net income in the first quarter rose 38 percent to P1.1 billion from P797.7 million a year ago on the sustained remarkable performance of its core businesses.
AUB said in a disclosure to the stock exchange Thursday said it and and its subsidiaries breached the P1-billion mark in net income in the first three months of the year, reinforcing its position as one of the fastest-growing publicly listed universal banks in the country.
The net income translated into a return on assets of 2 percent and a return on equity of 15.11 percent.
“Amid the feverish competition within and outside the banking industry, AUB and its subsidiaries’ core lending businesses remained robust,” said AUB president Manuel Gomez in a statement.