AUB net income surges 36% to P11.3 billion in 2024

Asia United Bank (AUB) achieved a consolidated net income of P11.3 billion in 2024, a 36% year-on-year increase.

This growth was driven by an 11% increase in net interest income to P16.8 billion, stemming from higher interest earnings on loans and investments.

The bank's loan portfolio expanded by 26% to P245.4 billion, while its interest expense on deposits decreased by 3%.

AUB's net interest margin improved to 5% from 4.8% in 2023.

Asset quality saw further improvement with a record low nonperforming loan (NPL) ratio of 0.3%, and a 74% reduction in loan loss provisions.

The NPL coverage ratio increased to 113.7% from 107.9% in the previous year.

The bank's profitability growth represents a 21% compounded annual growth rate since its 2013 listing.

AUB President Manuel A. Gomez attributed the sustained profitability to its robust core business and digital partnerships.