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AUB’s net income rises by 34% in Q1
Asia United Bank (AUB) reported a 34 percent increase in its first-quarter profit, reaching P3.1 billion, marking its 17th consecutive quarter of double-digit profit growth.
The bank's net interest income grew by 8 percent to P4.3 billion, supported by a 34 percent expansion of its loan portfolio to P252.6 billion.
AUB also achieved an improvement in its asset quality, with the nonperforming loans ratio decreasing to 0.35 percent from 0.47 percent year-on-year.
President Manuel Gomez attributed the sustained profitability post-pandemic to the bank's robust core business and its digital partnerships.
Noninterest income saw a substantial jump of 81 percent to P1.3 billion, boosted by increased gains from trading, securities, foreign exchange, and various fees.
The bank's return on equity improved to 22.3 percent and return on assets to 3.4 percent.
AUB further reduced its loan loss provision by 15 percent to P66.0 million while maintaining a high NPL coverage ratio of 119.8 percent.
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