Asia United Bank

Asia United Bank's net profit rose 72.1% yoy to PHP 1,223 mil in 3Q2019

By Helgi Analytics - February 20, 2020

Asia United Bank made a net profit of PHP 1,223 mil under revenues of PHP 3,224 mil in the third quarter of 2019, up 72.1% and ...

Asia United Bank's capital adequacy ratio rose 21.6% yoy to 17.8% in 3Q2019

By Helgi Analytics - February 20, 2020

Asia United Bank's capital adequacy ratio reached 17.8% at the end of third quarter of 2019, up from 16.7% when compared to the p...

Asia United Bank's net interest margin rose 3.30% yoy to 3.76% in 3Q2019

By Helgi Analytics - February 21, 2020

Asia United Bank's net interest margin amounted to 3.76% in the third quarter of 2019, up from 3.76% when compared to the previo...

Profit Statement 2016 2017 2018
Net Interest Income PHP mil 5,690 6,521 8,977
Net Fee Income PHP mil 808 781 747
Other Income PHP mil 1,071 1,133 1,018
Total Revenues PHP mil 7,569 8,435 10,741
Staff Cost PHP mil 1,274 1,347 1,510
Operating Profit PHP mil 3,661 4,199 4,929
Provisions PHP mil 1,003 823 797
Net Profit PHP mil 2,282 2,763 3,312
Balance Sheet 2016 2017 2018
Interbank Loans PHP mil 5,668 4,826 6,360
Customer Loans PHP mil 92,513 125,348 1,624
Debt Securities PHP mil 18,430 27,272 37,321
Total Assets PHP mil 165,501 199,936 237,643
Shareholders' Equity PHP mil 23,770 26,839 29,216
Interbank Borrowing PHP mil 2,260 1,811 4,922
Customer Deposits PHP mil 129,705 159,386 193,084
Issued Debt Securities PHP mil 5,749 7,009 4,971
Ratios 2016 2017 2018
ROE % 10.5 10.9 11.8
ROA % 1.43 1.51 1.51
Costs (As % Of Assets) % 2.45 2.32 2.66
Costs (As % Of Income) % 51.6 50.2 54.1
Capital Adequacy Ratio % 18.1 15.7 15.1
Net Interest Margin % 3.57 3.57 4.10
Loans (As % Of Deposits) % 71.3 78.6 0.841
NPLs (As % Of Loans) % 0.570 0.285 60.1
Provisions (As % Of NPLs) % 388 716 84.1
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 469 581 549
Share Price (End Of Period) PHP 48.0 59.8 59.3
Price/Earnings (P/E) 10.3 10.5 8.69
Price/Book Value (P/BV) 0.979 1.08 0.985
Dividend Yield % 0 2.51 2.70
Earnings Per Share (EPS) PHP 4.67 5.69 6.83
Book Value Per Share PHP 49.0 55.3 60.2
Dividend Per Share PHP 0 1.50 1.60

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                        
Net Interest Income PHP mil     ... ... ... ... ... ... ... ...       1,871 2,879 4,139 4,769 5,690    
Total Revenues PHP mil     ... ... ... ... ... ... ... ...       3,673 4,513 6,271 6,145 7,569    
Operating Profit PHP mil     ... ... ... ... ... ... ... ...       1,819 1,997 2,948 2,397 3,661    
Net Profit PHP mil     ... ... ... ... ... ... ... ...       1,428 1,459 1,682 1,516 2,282    
balance sheet                                        
Interbank Loans PHP mil     ... ... ... ... ... ... ... ...       1,565 1,298 2,402 4,989 5,668    
Customer Loans PHP mil     ... ... ... ... ... ... ... ...       25,738 37,956 63,089 85,399 92,513    
Debt Securities PHP mil     ... ... ... ... ... ... ... ...       13,657 29,373 20,084 24,374 18,430    
Total Assets PHP mil     ... ... ... ... ... ... ... ...       64,998 105,046 124,793 153,556 165,501    
Shareholders' Equity PHP mil     ... ... ... ... ... ... ... ...       11,577 18,052 20,193 19,871 23,770    
Interbank Borrowing PHP mil     ... ... ... ... ... ... ... ...       2,474 8,904 4,841 6,890 2,260    
Customer Deposits PHP mil     ... ... ... ... ... ... ... ...       47,315 73,934 95,201 117,244 129,705    
Issued Debt Securities PHP mil     ... ... ... ... ... ... ... ...       0 0 663 5,682 5,749    
ratios                                        
ROE % ...   ... ... ... ... ... ... ... ... ...     13.6 9.85 8.79 7.57 10.5    
ROA % ...   ... ... ... ... ... ... ... ... ...     2.48 1.72 1.46 1.09 1.43    
Costs (As % Of Assets) % ...   ... ... ... ... ... ... ... ... ...     3.22 2.96 2.89 2.69 2.45    
Costs (As % Of Income) %     ... ... ... ... ... ... ... ...       50.5 55.7 53.0 61.0 51.6    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... 15.4 18.4 15.6 13.8 18.1    
Net Interest Margin % ...   ... ... ... ... ... ... ... ... ...     3.25 3.39 3.60 3.43 3.57    
Interest Income (As % Of Revenues) %     ... ... ... ... ... ... ... ...       50.9 63.8 66.0 77.6 75.2    
Fee Income (As % Of Revenues) %     ... ... ... ... ... ... ... ...       10.1 11.1 12.2 12.3 10.7    
Staff Cost (As % Of Total Cost) %     ... ... ... ... ... ... ... ...       33.9 33.8 32.5 32.1 32.6    
Equity (As % Of Assets) %     ... ... ... ... ... ... ... ...       17.8 17.2 16.2 12.9 14.4    
Loans (As % Of Deposits) %     ... ... ... ... ... ... ... ...       54.4 51.3 66.3 72.8 71.3    
Loans (As % Assets) %     ... ... ... ... ... ... ... ...       39.6 36.1 50.6 55.6 55.9    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ... ...       4.74 2.73 1.40 0.920 0.570    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ...       83.5 130 201 281 388    
valuation                                        
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 496 499 478 469    
Number Of Shares (Average) mil ... ... ... ... ... ... ... ... ... ... ... ... ... 360 433 485 485 485    
Share Price (End Of Period) PHP ... ... ... ... ... ... ... ... ... ... ... ... ... ... 45.4 46.0 46.2 48.0    
Earnings Per Share (EPS) PHP ... ... ... ... ... ... ... ... ... ... ... ... ... 3.97 3.37 3.49 3.15 4.67    
Book Value Per Share PHP ... ... ... ... ... ... ... ... ... ... ... ... ... 32.2 41.7 41.6 40.9 49.0    
Dividend Per Share PHP ... ... ... ... ... ... ... ... ... ... ...     0 0 0 0 0    
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ... ... ... ... 13.5 13.2 14.6 10.3    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1.09 1.11 1.13 0.979    
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0 0 0    
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... -15.1 3.65 -9.73 48.1    
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 29.6 -0.177 -1.59 19.6    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                        
Interest Income PHP mil     ... ... ... ... ... ... ... ...       2,707 3,711 5,196 6,111 7,276    
Interest Cost PHP mil     ... ... ... ... ... ... ... ...       836 832 1,057 1,342 1,586    
Net Interest Income PHP mil     ... ... ... ... ... ... ... ...       1,871 2,879 4,139 4,769 5,690    
Net Fee Income PHP mil     ... ... ... ... ... ... ... ...       372 499 767 755 808    
Other Income PHP mil     ... ... ... ... ... ... ... ...       1,430 1,135 1,364 622 1,071    
Total Revenues PHP mil     ... ... ... ... ... ... ... ...       3,673 4,513 6,271 6,145 7,569    
Staff Cost PHP mil     ... ... ... ... ... ... ... ...       628 850 1,080 1,202 1,274    
Depreciation PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 597    
Other Cost PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2,037    
Operating Cost PHP mil     ... ... ... ... ... ... ... ...       1,855 2,516 3,322 3,748 3,907    
Operating Profit PHP mil     ... ... ... ... ... ... ... ...       1,819 1,997 2,948 2,397 3,661    
Provisions PHP mil     ... ... ... ... ... ... ... ...       425 311 966 605 1,003    
Extra and Other Cost PHP mil     ... ... ... ... ... ... ... ...       26.7 41.3 54.2 31.7 0.873    
Pre-Tax Profit PHP mil     ... ... ... ... ... ... ... ...       1,367 1,645 1,928 1,760 2,657    
Tax PHP mil     ... ... ... ... ... ... ... ...       -70.3 170 239 242 353    
Minorities PHP mil     ... ... ... ... ... ... ... ...       8.82 15.8 7.49 2.53 22.2    
Net Profit PHP mil     ... ... ... ... ... ... ... ...       1,428 1,459 1,682 1,516 2,282    
Dividends PHP mil ... ... ... ... ... ... ... ... ... ... ...     0 0 0 0 485    
growth rates                                        
Net Interest Income Growth % ...   ... ... ... ... ... ... ... ... ...     2.28 53.8 43.8 15.2 19.3    
Net Fee Income Growth % ...   ... ... ... ... ... ... ... ... ...     30.7 34.1 53.7 -1.59 7.02    
Total Revenue Growth % ...   ... ... ... ... ... ... ... ... ...     19.9 22.8 39.0 -2.00 23.2    
Operating Cost Growth % ...   ... ... ... ... ... ... ... ... ...     -1.25 35.6 32.1 12.8 4.25    
Operating Profit Growth % ...   ... ... ... ... ... ... ... ... ...     53.4 9.80 47.6 -18.7 52.7    
Pre-Tax Profit Growth % ...   ... ... ... ... ... ... ... ... ...     18.0 20.4 17.2 -8.71 51.0    
Net Profit Growth % ...   ... ... ... ... ... ... ... ... ...     26.7 2.19 15.2 -9.84 50.5    
market share                                        
Market Share in Revenues % ... ... ... ... ... ... ... ... ... ...       1.07 1.14 1.53 1.45 1.56   ...
Market Share in Net Profit % ... ... ... ... ... ... ... ... ... ...       1.41 1.22 1.44 1.32 1.80   ...
Market Share in Branches % ... ... ... ... ... ... ... ... ... ...       1.61 ... ... ... ... ... ...
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                        
Cash PHP mil     ... ... ... ... ... ... ... ...       11,224 21,041 21,882 24,006 36,978    
Interbank Loans PHP mil     ... ... ... ... ... ... ... ...       1,565 1,298 2,402 4,989 5,668    
Customer Loans PHP mil     ... ... ... ... ... ... ... ...       25,738 37,956 63,089 85,399 92,513    
Retail Loans PHP mil ... ... ... ... ... ... ... ... ... ...       4,730 6,343 7,859 10,158 12,704    
Corporate Loans PHP mil ... ... ... ... ... ... ... ... ... ...       21,563 32,718 56,731 77,295 81,162    
Debt Securities PHP mil     ... ... ... ... ... ... ... ...       13,657 29,373 20,084 24,374 18,430    
Fixed Assets PHP mil     ... ... ... ... ... ... ... ...       939 1,593 2,998 1,930 1,577    
Intangible Assets PHP mil ... ... ... ... ... ... ... ... ... ...       3,384 3,407 3,915 4,062 4,079    
Goodwill PHP mil ... ... ... ... ... ... ... ... ... ...       1,884 1,884 1,961 2,105 2,105    
Total Assets PHP mil     ... ... ... ... ... ... ... ...       64,998 105,046 124,793 153,556 165,501    
Shareholders' Equity PHP mil     ... ... ... ... ... ... ... ...       11,577 18,052 20,193 19,871 23,770    
Of Which Minority Interest PHP mil     ... ... ... ... ... ... ... ...       166 121 139 141 163    
Liabilities PHP mil     ... ... ... ... ... ... ... ...       53,422 86,994 104,600 133,685 141,732    
Interbank Borrowing PHP mil     ... ... ... ... ... ... ... ...       2,474 8,904 4,841 6,890 2,260    
Customer Deposits PHP mil     ... ... ... ... ... ... ... ...       47,315 73,934 95,201 117,244 129,705    
Sight Deposits PHP mil     ... ... ... ... ... ... ... ...       18,193 27,212 37,966 48,376 60,656    
Term Deposits PHP mil     ... ... ... ... ... ... ... ...       29,122 45,822 56,335 67,968 68,148    
Issued Debt Securities PHP mil     ... ... ... ... ... ... ... ...       0 0 663 5,682 5,749    
Subordinated Debt PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 4,962 4,965    
Other Liabilities PHP mil     ... ... ... ... ... ... ... ...       3,633 4,155 3,896 3,868 4,018    
asset quality                                        
Non-Performing Loans PHP mil ... ... ... ... ... ... ... ... ... ...       1,271 1,073 907 807 539    
Gross Loans PHP mil     ... ... ... ... ... ... ... ...       26,799 39,351 64,913 87,666 94,606    
Total Provisions PHP mil     ... ... ... ... ... ... ... ...       1,061 1,395 1,824 2,268 2,093    
growth rates                                        
Customer Loan Growth % ...   ... ... ... ... ... ... ... ... ...     30.0 47.5 66.2 35.4 8.33    
Retail Loan Growth % ... ... ... ... ... ... ... ... ... ... ...     12.6 34.1 23.9 29.2 25.1    
Corporate Loan Growth % ... ... ... ... ... ... ... ... ... ... ...     28.5 51.7 73.4 36.2 5.00    
Total Asset Growth % ...   ... ... ... ... ... ... ... ... ...     29.3 61.6 18.8 23.0 7.78    
Shareholders' Equity Growth % ...   ... ... ... ... ... ... ... ... ...     23.6 55.9 11.9 -1.59 19.6    
Customer Deposit Growth % ...   ... ... ... ... ... ... ... ... ...     23.9 56.3 28.8 23.2 10.6    
market share                                        
Market Share in Customer Loans % ... ... ... ... ... ... ... ... ... ...       0.749 0.929 1.24 1.47 1.37   ...
Market Share in Corporate Loans % ... ... ... ... ... ... ... ... ... ... ...     1.31 1.64 2.31 2.71 2.40   ...
Market Share in Consumer Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2.27 ... ... ... ... ...
Market Share in Total Assets % ... ... ... ... ... ... ... ... ... ...       0.959 1.22 1.27 1.43 1.36   ...
Market Share in Customer Deposits % ... ... ... ... ... ... ... ... ... ...       1.02 1.22 1.40 1.57 1.48   ...
ratios Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                        
ROE % ...   ... ... ... ... ... ... ... ... ...     13.6 9.85 8.79 7.57 10.5    
ROA % ...   ... ... ... ... ... ... ... ... ...     2.48 1.72 1.46 1.09 1.43    
Costs (As % Of Assets) % ...   ... ... ... ... ... ... ... ... ...     3.22 2.96 2.89 2.69 2.45    
Costs (As % Of Income) %     ... ... ... ... ... ... ... ...       50.5 55.7 53.0 61.0 51.6    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... 15.4 18.4 15.6 13.8 18.1    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... 15.0 17.9 15.1 10.2 13.6    
Net Interest Margin % ...   ... ... ... ... ... ... ... ... ...     3.25 3.39 3.60 3.43 3.57    
Interest Spread % ...   ... ... ... ... ... ... ... ... ...     2.93 3.18 3.42 3.26 3.41    
Asset Yield % ...   ... ... ... ... ... ... ... ... ...     4.70 4.36 4.52 4.39 4.56    
Cost Of Liabilities % ...   ... ... ... ... ... ... ... ... ...     1.77 1.19 1.10 1.13 1.15    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ...     0 0 0 0 21.3    
Interest Income (As % Of Revenues) %     ... ... ... ... ... ... ... ...       50.9 63.8 66.0 77.6 75.2    
Fee Income (As % Of Revenues) %     ... ... ... ... ... ... ... ...       10.1 11.1 12.2 12.3 10.7    
Other Income (As % Of Revenues) %     ... ... ... ... ... ... ... ...       38.9 25.1 21.8 10.1 14.2    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... ... ... ... ... 933 942 980 1,027 980   ...
Cost Per Employee (Local Currency) PHP per month ... ... ... ... ... ... ... ... ... ... ... ... ... 39,394 39,979 43,675 47,184 47,509   ...
Staff Cost (As % Of Total Cost) %     ... ... ... ... ... ... ... ...       33.9 33.8 32.5 32.1 32.6    
Equity (As % Of Assets) %     ... ... ... ... ... ... ... ...       17.8 17.2 16.2 12.9 14.4    
Loans (As % Of Deposits) %     ... ... ... ... ... ... ... ...       54.4 51.3 66.3 72.8 71.3    
Loans (As % Assets) %     ... ... ... ... ... ... ... ...       39.6 36.1 50.6 55.6 55.9    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ... ...       4.74 2.73 1.40 0.920 0.570    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ...       83.5 130 201 281 388    
Provisions (As % Of Loans) %     ... ... ... ... ... ... ... ...       4.12 3.68 2.89 2.66 2.26    
Cost of Provisions (As % Of Loans) % ...   ... ... ... ... ... ... ... ... ...     1.87 0.976 1.91 0.815 1.13    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                        
Branches ... ... ... ... ... ... ... ... ... ...       140 178 219 230 239   ...
Employees ... ... ... ... ... ... ... ... ... ... ... ... ... 1,329 1,772 2,061 2,123 2,234   ...
Sight (As % Of Customer Deposits) %     ... ... ... ... ... ... ... ...       38.5 36.8 39.9 41.3 46.8    
Risk-Weighted Assets PHP mil ... ... ... ... ... ... ... ... ... ...       66,673 106,103 121,214 160,345 133,742    
Return on Loans % ...   ... ... ... ... ... ... ... ... ...     6.27 4.58 3.33 2.04 2.57    
Operating Profit (As % of Loans) % ...   ... ... ... ... ... ... ... ... ...     7.99 6.27 5.84 3.23 4.12    
Costs (As % Of Loans) % ...   ... ... ... ... ... ... ... ... ...     8.15 7.90 6.58 5.05 4.39    
Equity (As % Of Loans) %     ... ... ... ... ... ... ... ...       45.0 47.6 32.0 23.3 25.7    

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Asia United Bank's price/earnings (P/E) fell 45.0% yoy to 5.56 in 3Q2019

By Helgi Analytics - February 20, 2020

Asia United Bank stock traded at PHP 56.0 per share at the end third quarter of 2019 implying a market capitalization of USD 524 mil. Since the end of 3Q2014, the stock has appreciated by 12.2 % implying an annual average growth of 2.32 %. In absolute terms, the value...

Asia United Bank's market capitalisation (end of period) fell 1.47% yoy to USD 524 mil in 3Q2019

By Helgi Analytics - February 20, 2020

Asia United Bank stock traded at PHP 56.0 per share at the end of third quarter of 2019 implying a market capitalization of USD 524 mil. Over the last five years, the stock has appreciated by 12.2 implying an annual average growth of 2.32% In absolute ter...

Asia United Bank's net interest income rose 22.8% yoy to PHP 2,457 mil in 3Q2019

By Helgi Analytics - February 20, 2020

Asia United Bank generated total banking revenues of PHP 3,224 mil in the third quarter of 2019, up 36.2% when compared to the same period of last year and down 0.944% when compared to the previous quarter. Historically, the bank’s revenues contai...

Asia United Bank's share price (end of period) fell 5.41% yoy to PHP 56.0 in 3Q2019

By Helgi Analytics - February 20, 2020

Asia United Bank stock traded at PHP 56.0 per share at the end of third quarter of 2019 implying a market capitalization of USD 524 mil. Over the last five years, the stock has appreciated by 12.2 % implying an annual average growth of 2.32 %. In absolute terms, the v...

Asia United Bank's equity (as % of assets) rose 0.599% yoy to 12.1% in 3Q2019

By Helgi Analytics - February 20, 2020

Asia United Bank's Equity reached 12.1% of total assets in the 3Q2019, up from 12.0% for the previous year. As a share of net customer loans, the ratio amounted to 20.7% at the end of the third quarter of 2019. ...

Asia United Bank's customer loan growth fell 66.9% yoy to 8.52% in 3Q2019

By Helgi Analytics - February 20, 2020

Asia United Bank's customer loan growth reached 8.52% in 2019-09-30, down from 25.8% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 66.2% in 2014-12-31 and an all time low of -98.7% in 2018-12-31. In the l...

Asia United Bank's employees rose 17.4% yoy to 2,688 in 2Q2019

By Helgi Analytics - February 20, 2020

Asia United Bank employed 2,688 persons in 2019-06-30, up 6.37% when compared to the previous year. Historically, the bank's workforce hit an all time high of 2,688 persons in 2019-06-30 and an all time low of 1,772 in 2013-12-31. Average cost reached USD 1,002 pe...

Asia United Bank's branches rose 5.10% yoy to 268 in 2Q2019

By Helgi Analytics - February 20, 2020

Asia United Bank employed 2,688 persons in 2019-06-30, up 6.37% compared to the previous year. Historically, the bank's workforce hit an all time high of 2,688 persons in 2019-06-30 and an all time low of 2,196 in 2016-06-30. The bank operated a network of ...

Asia United Bank's costs (as % of assets) rose 7.48% yoy to 2.30% in 2Q2019

By Helgi Analytics - February 21, 2020

Asia United Bank's cost to income ratio reached 42.9% in the second quarter of 2019, down from 46.6% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 70.6% of income in 1Q2014 and an all time low of 42.9% in 2...

Asia United Bank's npls (as % of loans) rose 20,964% yoy to 60.1% in 4Q2018

By Helgi Analytics - March 4, 2020

Asia United Bank's non-performing loans reached 60.1% of total loans at the end of 2018-12-31, up from 0.285% compared to the previous year. Historically, the NPL ratio hit an all time high of 60.1% in 2018-12-31 and an all time low of 0.285% in 2017-12-31. ...

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