Asia United Bank (AUB) and its subsidiaries saw a record net income of P5.2 billion in the first half, up by 27 percent compared to a year ago.

AUB attributed the growth to higher loan volume to P187.9 billion in the total loan portfolio.

Non-performing loans ratio also improved to 0.43 percent from 0.9 percent, which prompted the bank to reduce provisions for bad loans by 92 percent from P952 million to P78 million.

Meanwhile, deposits stood at P281.1 billion.

As the bank gained more interest-based income and manageable depositor liabilities, the net interest margin improved by 10 percent to P8.2 billion.

Digital payment thrust

AUB aims to attract more customers through digital payment services through AUB PayMate, an all-in-one payment platform, and HelloMoney e-wallet which allows payments overseas.

Total assets stood at P349 billion, up by 6 percent compared to the year-ago level.

Meanwhile, total equity increased 18 percent to P51.6 billion.

Return on equity remained positive at 21.9 percent and return on assets at 3.1 percent.

Due to strong profits, AUB’s board of directors declared on 28 June a cash dividend of P2.33 per share payable in two tranches.

Common equity tier 1 ratio stood at 17.8 percent and its capital adequacy ratio at 18.6 percent, both above the regulatory minimum.