AUB breaches P1-billion mark in 3rd-quarter net income

AUB’s Top Honchos (from left to right) EVP Peanuts Agcaoili, SVP Will Rodriguez, President Abraham Co, Vice Chairman Ramon Sy, SVP Rojo Fernandez, SVP Jun Nazareno

Asia United Bank (AUB), one of the country’s most innovative banks, earned more than a billion pesos, raising its total profits in the first three quarters of the year to Php1.04 billion. This was 47.55 percent higher than the Php708 million in the same period last year.

With still a full quarter to go, the 15-year-old bank is confident of meeting its full-year income target of Php1.6 billion.

AUB took advantage of the continued robustness in the fixed income market as its income from securities trading as of September stood at Php1.05 billion, three times that of the year-ago level of Php340 million.

AUB executive vice president and head of treasury Antonio Agcaoili, Jr. said this is part of the medium-sized commercial bank’s strategy to aggressively build up its war chest to fund more acquisitions and widen its footprint nationwide.

In just a span of three years, AUB bought the Rural Bank of Angeles, boosting its presence outside Metro Manila; Asiatrust Development Bank; and Cooperative Bank of Cavite, which will be renamed Cavite United Rural Bank upon approval by the Monetary Board of the Bangko Sentral ng Pilipinas. These acquisitions will expand AUB’s nationwide presence to 102 branches to serve more customers.

The bank’s total assets rose 37 percent to Php62 billion during the period from year-ago’s Php45 billion. Its return-on-equity ratio also rose to 14 percent from 13.8 percent in the same period last year, ranking it among the most profitable commercial banks in the country.

“As we celebrate 15 years of innovation in Philippine banking, expect Asia United Bank to become a stronger and more formidable banking industry player in the coming years,” said AUB president Abraham T. Co.

AUB is owned by a diverse group of Asian investors engaged in property development, manufacturing, and other equity ventures. Republic Biscuit Corporation (Rebisco), the Philippines’ leading manufacturer, distributor, and exporter of snack food products for the past 49 years, is the biggest shareholder of the bank.

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