Listed Asia United Bank (AUB) said huge loan loss reserves pulled down its net profit by double digit in the first quarter of the year. AUB attributed this to the additional P638 million in loan loss provisions in January-March this year, which brings its loan loss coverage to 3.4 percent of its total loan portfolio. The earning translates to a return on equity of 8.5 percent and return on assets of 1 percent. Total assets expanded 14 percent to P313 billion from P274 billion, previously. “This is solid proof that our steady investment in our digital channels has been paying off,” AUB President Manuel Gomez was quoted as saying.

Source: Manila Times May 07, 2021 16:30 UTC