Loan demand lifts AUB Q1 profit to P3.1B

Asia United Bank Corp. (AUB)

MANILA, Philippines – The earnings of Asia United Bank (AUB) surged by 34 percent in the first quarter to P3.1 billion, owing to its lending activities and digital partnerships.

According to AUB, its net interest income climbed by 8 percent to P4.3 billion as its loan book expanded by more than a third to P252.6 billion.

READ: AUB posted banner year in ’24; return on equity at 21%

Despite the loan growth, AUB’s asset quality improved, with its nonperforming loans ratio easing to 0.35 percent from 0.47 percent in the same period last year.

“We have managed to sustain the growth in our profitability since the pandemic, thanks to our robust core business and digital partnerships,” AUB president Manuel Gomez said in a statement on Tuesday.

Meanwhile, noninterest income ballooned by 81 percent to P1.3 billion due to higher trading and securities gains, foreign exchange gains, miscellaneous income and service charges and other fees.