October 20, 2017, 1:02 pm
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1 Philippine Peso = 0.07128 UAE Dirham
1 Philippine Peso = 2.18168 Albanian Lek
1 Philippine Peso = 0.0346 Neth Antilles Guilder
1 Philippine Peso = 0.33849 Argentine Peso
1 Philippine Peso = 0.02474 Australian Dollar
1 Philippine Peso = 0.03455 Aruba Florin
1 Philippine Peso = 0.03882 Barbados Dollar
1 Philippine Peso = 1.59705 Bangladesh Taka
1 Philippine Peso = 0.03208 Bulgarian Lev
1 Philippine Peso = 0.00732 Bahraini Dinar
1 Philippine Peso = 33.78397 Burundi Franc
1 Philippine Peso = 0.01941 Bermuda Dollar
1 Philippine Peso = 0.02639 Brunei Dollar
1 Philippine Peso = 0.13315 Bolivian Boliviano
1 Philippine Peso = 0.06146 Brazilian Real
1 Philippine Peso = 0.01941 Bahamian Dollar
1 Philippine Peso = 1.26213 Bhutan Ngultrum
1 Philippine Peso = 0.20042 Botswana Pula
1 Philippine Peso = 388.58696 Belarus Ruble
1 Philippine Peso = 0.03878 Belize Dollar
1 Philippine Peso = 0.02429 Canadian Dollar
1 Philippine Peso = 0.01906 Swiss Franc
1 Philippine Peso = 12.12442 Chilean Peso
1 Philippine Peso = 0.1285 Chinese Yuan
1 Philippine Peso = 56.61879 Colombian Peso
1 Philippine Peso = 10.99029 Costa Rica Colon
1 Philippine Peso = 0.01941 Cuban Peso
1 Philippine Peso = 1.81172 Cape Verde Escudo
1 Philippine Peso = 0.42217 Czech Koruna
1 Philippine Peso = 3.44992 Djibouti Franc
1 Philippine Peso = 0.12229 Danish Krone
1 Philippine Peso = 0.91751 Dominican Peso
1 Philippine Peso = 2.21396 Algerian Dinar
1 Philippine Peso = 0.25699 Estonian Kroon
1 Philippine Peso = 0.34161 Egyptian Pound
1 Philippine Peso = 0.52232 Ethiopian Birr
1 Philippine Peso = 0.01642 Euro
1 Philippine Peso = 0.03984 Fiji Dollar
1 Philippine Peso = 0.01474 Falkland Islands Pound
1 Philippine Peso = 0.01481 British Pound
1 Philippine Peso = 0.08518 Ghanaian Cedi
1 Philippine Peso = 0.91421 Gambian Dalasi
1 Philippine Peso = 174.2236 Guinea Franc
1 Philippine Peso = 0.14253 Guatemala Quetzal
1 Philippine Peso = 3.96933 Guyana Dollar
1 Philippine Peso = 0.15143 Hong Kong Dollar
1 Philippine Peso = 0.45421 Honduras Lempira
1 Philippine Peso = 0.12329 Croatian Kuna
1 Philippine Peso = 1.19002 Haiti Gourde
1 Philippine Peso = 5.04988 Hungarian Forint
1 Philippine Peso = 262.46118 Indonesian Rupiah
1 Philippine Peso = 0.06762 Israeli Shekel
1 Philippine Peso = 1.26145 Indian Rupee
1 Philippine Peso = 22.63199 Iraqi Dinar
1 Philippine Peso = 665.74146 Iran Rial
1 Philippine Peso = 2.03707 Iceland Krona
1 Philippine Peso = 2.46487 Jamaican Dollar
1 Philippine Peso = 0.01373 Jordanian Dinar
1 Philippine Peso = 2.19732 Japanese Yen
1 Philippine Peso = 2.00019 Kenyan Shilling
1 Philippine Peso = 1.33191 Kyrgyzstan Som
1 Philippine Peso = 78.26087 Cambodia Riel
1 Philippine Peso = 8.11083 Comoros Franc
1 Philippine Peso = 17.46894 North Korean Won
1 Philippine Peso = 21.96991 Korean Won
1 Philippine Peso = 0.00585 Kuwaiti Dinar
1 Philippine Peso = 0.01592 Cayman Islands Dollar
1 Philippine Peso = 6.49204 Kazakhstan Tenge
1 Philippine Peso = 160.69488 Lao Kip
1 Philippine Peso = 29.21972 Lebanese Pound
1 Philippine Peso = 2.98137 Sri Lanka Rupee
1 Philippine Peso = 2.29173 Liberian Dollar
1 Philippine Peso = 0.26378 Lesotho Loti
1 Philippine Peso = 0.05918 Lithuanian Lita
1 Philippine Peso = 0.01204 Latvian Lat
1 Philippine Peso = 0.02652 Libyan Dinar
1 Philippine Peso = 0.18258 Moroccan Dirham
1 Philippine Peso = 0.33463 Moldovan Leu
1 Philippine Peso = 1.00621 Macedonian Denar
1 Philippine Peso = 26.37811 Myanmar Kyat
1 Philippine Peso = 47.47671 Mongolian Tugrik
1 Philippine Peso = 0.15597 Macau Pataca
1 Philippine Peso = 6.84045 Mauritania Ougulya
1 Philippine Peso = 0.65703 Mauritius Rupee
1 Philippine Peso = 0.30221 Maldives Rufiyaa
1 Philippine Peso = 13.90062 Malawi Kwacha
1 Philippine Peso = 0.36633 Mexican Peso
1 Philippine Peso = 0.08199 Malaysian Ringgit
1 Philippine Peso = 0.26335 Namibian Dollar
1 Philippine Peso = 6.8323 Nigerian Naira
1 Philippine Peso = 0.58773 Nicaragua Cordoba
1 Philippine Peso = 0.15441 Norwegian Krone
1 Philippine Peso = 2.0099 Nepalese Rupee
1 Philippine Peso = 0.02778 New Zealand Dollar
1 Philippine Peso = 0.00746 Omani Rial
1 Philippine Peso = 0.01941 Panama Balboa
1 Philippine Peso = 0.06268 Peruvian Nuevo Sol
1 Philippine Peso = 0.06206 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.03901 Pakistani Rupee
1 Philippine Peso = 0.06957 Polish Zloty
1 Philippine Peso = 109.45264 Paraguayan Guarani
1 Philippine Peso = 0.07337 Qatar Rial
1 Philippine Peso = 0.0755 Romanian New Leu
1 Philippine Peso = 1.11374 Russian Rouble
1 Philippine Peso = 16.1349 Rwanda Franc
1 Philippine Peso = 0.07279 Saudi Arabian Riyal
1 Philippine Peso = 0.15088 Solomon Islands Dollar
1 Philippine Peso = 0.26054 Seychelles Rupee
1 Philippine Peso = 0.12926 Sudanese Pound
1 Philippine Peso = 0.15816 Swedish Krona
1 Philippine Peso = 0.0264 Singapore Dollar
1 Philippine Peso = 0.01475 St Helena Pound
1 Philippine Peso = 0.43102 Slovak Koruna
1 Philippine Peso = 147.90373 Sierra Leone Leone
1 Philippine Peso = 10.81134 Somali Shilling
1 Philippine Peso = 402.56018 Sao Tome Dobra
1 Philippine Peso = 0.16984 El Salvador Colon
1 Philippine Peso = 9.99573 Syrian Pound
1 Philippine Peso = 0.26335 Swaziland Lilageni
1 Philippine Peso = 0.64344 Thai Baht
1 Philippine Peso = 0.04808 Tunisian Dinar
1 Philippine Peso = 0.04338 Tongan paʻanga
1 Philippine Peso = 0.07108 Turkish Lira
1 Philippine Peso = 0.12963 Trinidad Tobago Dollar
1 Philippine Peso = 0.58637 Taiwan Dollar
1 Philippine Peso = 43.42003 Tanzanian Shilling
1 Philippine Peso = 0.51417 Ukraine Hryvnia
1 Philippine Peso = 70.78804 Ugandan Shilling
1 Philippine Peso = 0.01941 United States Dollar
1 Philippine Peso = 0.5722 Uruguayan New Peso
1 Philippine Peso = 155.95885 Uzbekistan Sum
1 Philippine Peso = 0.1936 Venezuelan Bolivar
1 Philippine Peso = 440.93556 Vietnam Dong
1 Philippine Peso = 2.02426 Vanuatu Vatu
1 Philippine Peso = 0.04922 Samoa Tala
1 Philippine Peso = 10.76747 CFA Franc (BEAC)
1 Philippine Peso = 0.05241 East Caribbean Dollar
1 Philippine Peso = 10.69488 CFA Franc (BCEAO)
1 Philippine Peso = 1.94759 Pacific Franc
1 Philippine Peso = 4.85151 Yemen Riyal
1 Philippine Peso = 0.26339 South African Rand
1 Philippine Peso = 100.72787 Zambian Kwacha
1 Philippine Peso = 7.02446 Zimbabwe dollar

EastWest Q1 income up 54%

EastWest Bank reported a first quarter 2017 net income increase of 54 percent to P1.2 billion on account of robust loan growth and improving productivity.  

Its total assets were up 22 percent from last year bannered by the 25 percent increase in total loans.

Total revenues in the first quarter of 2017 were up 18 percent to P6.0 billion.  

Core revenues, or income after taking out volatile trading profits, grew 26 percent to P5.9 billion.  

Operating expenses, on the other hand, increased by 13 percent to P3.2 billion.  

“As we have said previously, we expect to see steady increase in productivity after we have completed our expansion and as our stores mature.  Business has been good.  We expect revenue growth to continue besting increases in costs. At the rate we are going, a 25 percent increase in income this year to around Php4.25 billion is doable,” Antonio Moncupa, EastWest Vice Chairman and CEO, said.

EastWest has now almost tripled its branch stores. From 168 in end 2011, it now has 446 stores.  

The store network expansion initially resulted to a flat income of P2.0 billion from 2013 to 2015.  

“Good things often come with birth pains and difficulties.  The thing is to look at the long term,” Moncupa added. 

Total deposits increased by 26 percent year-on-year, led by the 32 percent growth in low cost CASA deposits.  
Consumer loans were up 43 percent.  

EastWest is the most consumer-focused universal bank in the country today.  Consumer loans comprised 69 percent of its loan portfolio.  

EastWest continues to have an industry leading Net Interest Margin of 7.9 percent. 
Trading revenues dropped 63 percent to P166.5 million. 

“We are a true retail bank where income comes from the old-fashioned loans and deposits business, and not from volatile trading revenues.  This means that our business is focused on serving customers well. We are convinced that’s the way to go,” Moncupa said. 

Annualized return on equity was at 13.8 percent while return on assets was at 1.7 percent.

EastWest held its Annual Stockholders’ Meeting recently and declared cash dividends amounting to P500 million or P0.33334 per share to stockholders.  

The bank also declared cash dividends last year amounting to P400 million. 

“The significant improvement in our operating results starting last year gives us confidence on the efficacy of our business model and the validity of our expansion program.  Our full year 2016 income surged 70 percent to P3.4 billion and we now

have a balance sheet of almost P300 billion, almost 7,000 employees, close to two million customers, and 446 stores nationwide. While these show significant improvement, we are much aware that things can still get better. And they will. This year, we will be sad if we don’t grow profits by at least 20 percent,” he said. 

Moncupa noted that the bigger store network and manpower complement, up-to-date technology infrastructure, and expanded product offerings put EastWest in a more competitive position.   

Last year, the bank also completed the transfer of the retail banking business of Standard Chartered Bank Philippines which included credit cards, personal loans, wealth management, and retail deposits—a key step in the bank’s growth strategy and

viewed to be value accretive as it further enhances EastWest’s retail and consumer banking scale. The bank’s focus now is to optimize the stronger foundation to gain greater operating leverage.  

“As our stores mature, we plan to go near the business levels of our benchmark banks particularly in deposits, corporate lending, and wealth management,” Moncupa added.

More than half of EastWest’s store network has been operating for less than five years as they were opened during the bank’s store network expansion program that began in 2012.

At the same meeting, all nine incumbent members of the Board were re-elected: Chairman Jonathan Gotianun; directors Mercedes Gotianun, Lourdes Josephine Yap, Wilson Sy, Moncupa; independent directors Jose Sandejas, Carlos Alindada, and Paul Aquino; and Atty. Benedicto Valerio Jr. as corporate secretary. 

The promotion of Moncupa to Vice-Chairman and the appointment of Jesus Roberto ‘Bobby’ Reyes as President and Deputy CEO effective May 1, 2017 was also announced to the stockholders. 

“In response to our new realities and new challenges, we continue to review our organization, build on our strengths, and fine-tune the way we do things.  A bank like EastWest is always looking at opportunities to beef up its executive bench. This

step is essential and vital to accelerate growth and serve our customers better,” said Moncupa, noting that the creation of the Deputy CEO position was decided by the board last year. 
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