AUB expects better year despite challenges

Asia United Bank is expecting higher profits this year compared to 2021, but growth rates will not reach pre-pandemic levels because of numerous challenges it faces in 2022.

AUB posted a consolidated net income of P4.1 billion in 2021, 34 percent higher than P3.0 billion in 2020 due to improving business and consumer confidence that gave its core business a boost. While there are plenty of headwinds ahead, such as an escalating inflation rate due to the country’s heavy import dependence, the shrinking value of the peso versus the U.S. dollar, and rising pressures to raise taxes, the bank believes it can still manage to improve its net interest margin ratio which stood at 3.6 percent in 2021.

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