MANILA, Philippines – EastWest Banking Corporation, a banking company founded by Gotianun, increased its earnings by 48 percent the previous year, enabling it to hit the topmost return on equity (ROE) at 13.8 percent among registered universal banks.
In a report to the Philippine Stock Exchange, Inc. (PSE), EastWest Bank said that the company documented a net gain of 5.1 billion pesos last year which is 1.7 billion pesos higher compared to the recorded 3.4 billion pesos in 2016.
EastWest vice chairman and CEO, Antonio Moncupa Jr., said that the company was glad to see the increase of 48 percent in its net gain following improvement of 70 percent in 2016.
He thanked the bankers of EastWest for the effort which helped them obtain this result. He expressed that this will encourage the company’s employees to keep on striving to provide their clients better service as well as to convey their appreciation for the ongoing faith and trust clients have for the banking company.
The net profit of the 13th largest bank in the Philippines as regards assets surged to 25.6 billion pesos last year which is higher by 17 percent compared to 2016’s 21.9 billion pesos.
Excluding nonrecurring and trading revenues, the banking company’s principal earnings rose by 21 percent to 24.2 billion pesos as net interest revenue increased by 19.8 percent and fee-based gain by 29.2 percent.
EastWest disclosed that the company’s trading revenue dropped to 760 million pesos by 16.6 percent because of strained financial markets.
Investments made regarding expansion and growth of the senior management bench brought about an increase in operation expenditure of 19.1 percent to 13.9 billion pesos.
Jesus Roberto Reyes, president of EastWest, thanked their clients for their nonstop support which helped them improve in producing better output, 2017 being the company’s greatest year as yet.
EastWest’s loan portfolio recorded a two-digit growth of 10.7 percent to 220.1 billion pesos as consumer loans increased by 17 percent to 160.3 billion pesos which credited for the entire loan book’s 71 percent.
EastWest Banking Corporation was founded on July 6, 1994, by Andrew Lo Gotianun, Sr, a subordinate of the Filinvest Development Corporation, one of the Philippines’ leading and largest conglomerates.
The brand name of the company is the outcome of the eagerness of the bank to mix traits as traditional care, hospitality, and warmth possessed by the east and the organized and developed thinking quality possessed by the west.