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December 06, 2022

AUB profits up by 57% backed by strong trading gains

The bank’s profitability increased amid unrealized losses.

Asia United Bank announced an increase in its net income due to lower provisions and stronger trading and foreign exchange gains although total comprehensive income dropped because of unrealized losses.

The bank’s profits rose 57 percent to P4.6 billion for the first nine months of the year, but total comprehensive income went down by 65 percent to P954.2 million from P2.76 billion due to higher net unrealized loss of P4.2 billion, attributable to market volatility brought about by the expectation on higher overnight rates coupled with inflation outlook.