ASIA United Bank on Wednesday said that consolidated net income jumped 27 percent to P5.2 billion in the first six months of 2024, thanks to higher revenues and improving credit quality.
In a disclosure, AUB said the first-half result was equivalent to a return on equity of 21.9 percent and return on assets of 3.1 percent.'The bank continues to deliver consistent performance,' AUB President Manuel Gomez said in a statement.
AUB's nonperforming loans ratio declined to 0.43 percent from the previous year's 0.9 percent, allowing the bank to cut its loan loss provisions to P78 million from P952 million. NPL coverage ratio also improved to 150.8 percent from 114.8 percent last year.As of end-June, AUB's total assets stood at P349 billion, up 6 percent from last year, while its total loan portfolio stood at P187.9 billion, funded by P281.1 billion in deposits, with a loan-to-deposit ratio of 66.8 percent.
Income Grows 27% In H1 To P5.2B
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