MANILA -- Asia United Bank (AUB) on Tuesday said its net income in the first half of 2023 grew to P4.1 billion, up 42 percent from the previous year's figures.

The bank attributed the growth to growing business volume, higher net interest margin, and better non-interest income.

The bank said net interest income grew by 28 percent to P7.4 billion on the back of business volume growth and increased yields. Non-interest income, meanwhile, rose 41 percent to P1.5 billion.

Net interest margin also climbed to 5 percent from 3.8 percent in 2022, as total loan volume increased by 9 percent to P190.5 billion.

AUB said corporate and consumer loans grew as confidence in the economy further improved.

The lender said operating expenses for the first six months of the year rose 13 percent to P3.1 billion, primarily from the compensation increases and transaction volume-related expenses.

• AUB partners with Alipay+ for cross-border payments

RELATED STORY:

Watch more News on iWantTFC