The Ng family’s Asia United Bank (AUB) and its subsidiaries reported a consolidated net income of ₱5.2 billion in the first half of the year, up 27 percent from the previous year. This resulted in a return on equity of 21.9 percent and a return on assets of 3.1 percent.
The net interest margin increased by 10 percent to ₱8.2 billion, with a net interest margin ratio of 5.4 percent, up from 5 percent. Operating expenses rose by 7 percent to ₱3.3 billion, but the cost-to-income ratio remained efficient at 33.5 percent.
“Thanks to the improving business environment, AUB continues to deliver consistent performance in the first half of the year," AUB President Manuel A. Gomez said on Wednesday.
Asset quality improved, with the nonperforming loans (NPL) ratio dropping to 0.43 percent from 0.9 percent. Loan loss provisions decreased by 92 percent to ₱78 million, while the NPL coverage ratio increased to 150.8 percent from 114.8 percent a year ago.
AUB’s total assets stood at ₱349 billion, up 6 percent from the same period last year. The total loan portfolio reached ₱187.9 billion, funded by ₱281.1 billion in deposits, with a loan-to-deposit ratio of 66.8 percent. Low-cost deposits made up 75 percent of total deposits, up from 72 percent last year.
