MANILA -- Asia United Bank (AUB) on Monday said it and its subsidiaries' net income jumped 36 percent to P11.3 billion in 2024, from the P8.3 billion seen in 2023.

In a statement, the bank said this is because of its robust core businesses and digital partnerships.

AUB said most of the growth came from its loan portfolio, which expanded by 26 percent to P245.4 billion, from P194.5 billion a year before. Non-performing loans ratio also sunk to a record low of 0.3 percent, AUB said.

Net interest margin also grew 11 percent to P16.8 billion because of higher interest income from loans and the bank's investment activities.

Non-interest income also rose by 48 percent to P4.1 billion, the lender said. 

Operating expenses grew by 6 percent to P6.8 billion because of higher compensation, capital expenditures, and business growth-related expenses. Total assets, meanwhile, climbed 9 percent to P386 billion. 

AUB President Manuel Gomez said he hoped the bank will reap the benefits of the government's national ID system, which will speed up its account opening process and Know Your Customer (KYC) compliance, therefore boosting loan applications.

AUB said it is the first privately owned universal bank to enter into a colocation partnership agreement with the Philippine Statistics Authority (PSA), after being the earliest bank to integrate the PSA’s eVerify into its e-wallet HelloMoney last year. 

The bank said it already has onboarded 94,000 new HelloMoney users as of February 3, and expects its 6 million-strong customer base to further grow as it brings the benefits of the National ID closer to more Filipinos.

Asia United Bank net income hits record high in first 9 months