May 27, 2018, 11:20 pm
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.06987 UAE Dirham
1 Philippine Peso = 2.04394 Albanian Lek
1 Philippine Peso = 0.03405 Neth Antilles Guilder
1 Philippine Peso = 0.46707 Argentine Peso
1 Philippine Peso = 0.02507 Australian Dollar
1 Philippine Peso = 0.03386 Aruba Florin
1 Philippine Peso = 0.03804 Barbados Dollar
1 Philippine Peso = 1.58684 Bangladesh Taka
1 Philippine Peso = 0.03178 Bulgarian Lev
1 Philippine Peso = 0.00718 Bahraini Dinar
1 Philippine Peso = 33.30759 Burundi Franc
1 Philippine Peso = 0.01902 Bermuda Dollar
1 Philippine Peso = 0.02521 Brunei Dollar
1 Philippine Peso = 0.13049 Bolivian Boliviano
1 Philippine Peso = 0.06941 Brazilian Real
1 Philippine Peso = 0.01902 Bahamian Dollar
1 Philippine Peso = 1.2997 Bhutan Ngultrum
1 Philippine Peso = 0.18862 Botswana Pula
1 Philippine Peso = 380.82557 Belarus Ruble
1 Philippine Peso = 0.038 Belize Dollar
1 Philippine Peso = 0.02456 Canadian Dollar
1 Philippine Peso = 0.01888 Swiss Franc
1 Philippine Peso = 11.92087 Chilean Peso
1 Philippine Peso = 0.1215 Chinese Yuan
1 Philippine Peso = 54.23245 Colombian Peso
1 Philippine Peso = 10.69241 Costa Rica Colon
1 Philippine Peso = 0.01902 Cuban Peso
1 Philippine Peso = 1.79018 Cape Verde Escudo
1 Philippine Peso = 0.41871 Czech Koruna
1 Philippine Peso = 3.37645 Djibouti Franc
1 Philippine Peso = 0.12092 Danish Krone
1 Philippine Peso = 0.9416 Dominican Peso
1 Philippine Peso = 2.20987 Algerian Dinar
1 Philippine Peso = 0.25394 Estonian Kroon
1 Philippine Peso = 0.33993 Egyptian Pound
1 Philippine Peso = 0.51779 Ethiopian Birr
1 Philippine Peso = 0.01623 Euro
1 Philippine Peso = 0.03907 Fiji Dollar
1 Philippine Peso = 0.01422 Falkland Islands Pound
1 Philippine Peso = 0.01425 British Pound
1 Philippine Peso = 0.08823 Ghanaian Cedi
1 Philippine Peso = 0.89024 Gambian Dalasi
1 Philippine Peso = 171.23835 Guinea Franc
1 Philippine Peso = 0.13955 Guatemala Quetzal
1 Philippine Peso = 3.93875 Guyana Dollar
1 Philippine Peso = 0.14924 Hong Kong Dollar
1 Philippine Peso = 0.45305 Honduras Lempira
1 Philippine Peso = 0.11993 Croatian Kuna
1 Philippine Peso = 1.23264 Haiti Gourde
1 Philippine Peso = 5.18261 Hungarian Forint
1 Philippine Peso = 268.49914 Indonesian Rupiah
1 Philippine Peso = 0.06761 Israeli Shekel
1 Philippine Peso = 1.28921 Indian Rupee
1 Philippine Peso = 22.52235 Iraqi Dinar
1 Philippine Peso = 800.64676 Iran Rial
1 Philippine Peso = 2.00476 Iceland Krona
1 Philippine Peso = 2.38368 Jamaican Dollar
1 Philippine Peso = 0.01348 Jordanian Dinar
1 Philippine Peso = 2.08195 Japanese Yen
1 Philippine Peso = 1.91839 Kenyan Shilling
1 Philippine Peso = 1.2975 Kyrgyzstan Som
1 Philippine Peso = 77.23036 Cambodia Riel
1 Philippine Peso = 7.96595 Comoros Franc
1 Philippine Peso = 17.12003 North Korean Won
1 Philippine Peso = 20.46376 Korean Won
1 Philippine Peso = 0.00575 Kuwaiti Dinar
1 Philippine Peso = 0.0156 Cayman Islands Dollar
1 Philippine Peso = 6.24805 Kazakhstan Tenge
1 Philippine Peso = 158.41735 Lao Kip
1 Philippine Peso = 28.6285 Lebanese Pound
1 Philippine Peso = 3.00552 Sri Lanka Rupee
1 Philippine Peso = 2.59102 Liberian Dollar
1 Philippine Peso = 0.23569 Lesotho Loti
1 Philippine Peso = 0.05799 Lithuanian Lita
1 Philippine Peso = 0.0118 Latvian Lat
1 Philippine Peso = 0.02586 Libyan Dinar
1 Philippine Peso = 0.18008 Moroccan Dirham
1 Philippine Peso = 0.31929 Moldovan Leu
1 Philippine Peso = 0.99391 Macedonian Denar
1 Philippine Peso = 25.77516 Myanmar Kyat
1 Philippine Peso = 45.76412 Mongolian Tugrik
1 Philippine Peso = 0.15373 Macau Pataca
1 Philippine Peso = 6.73388 Mauritania Ougulya
1 Philippine Peso = 0.65627 Mauritius Rupee
1 Philippine Peso = 0.29618 Maldives Rufiyaa
1 Philippine Peso = 13.63553 Malawi Kwacha
1 Philippine Peso = 0.37196 Mexican Peso
1 Philippine Peso = 0.07566 Malaysian Ringgit
1 Philippine Peso = 0.23683 Namibian Dollar
1 Philippine Peso = 6.82899 Nigerian Naira
1 Philippine Peso = 0.59717 Nicaragua Cordoba
1 Philippine Peso = 0.15404 Norwegian Krone
1 Philippine Peso = 2.06962 Nepalese Rupee
1 Philippine Peso = 0.02745 New Zealand Dollar
1 Philippine Peso = 0.00732 Omani Rial
1 Philippine Peso = 0.01902 Panama Balboa
1 Philippine Peso = 0.0621 Peruvian Nuevo Sol
1 Philippine Peso = 0.06201 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.19897 Pakistani Rupee
1 Philippine Peso = 0.06975 Polish Zloty
1 Philippine Peso = 108.10348 Paraguayan Guarani
1 Philippine Peso = 0.06924 Qatar Rial
1 Philippine Peso = 0.0751 Romanian New Leu
1 Philippine Peso = 1.17631 Russian Rouble
1 Philippine Peso = 16.13468 Rwanda Franc
1 Philippine Peso = 0.07134 Saudi Arabian Riyal
1 Philippine Peso = 0.15092 Solomon Islands Dollar
1 Philippine Peso = 0.25547 Seychelles Rupee
1 Philippine Peso = 0.34155 Sudanese Pound
1 Philippine Peso = 0.16566 Swedish Krona
1 Philippine Peso = 0.02546 Singapore Dollar
1 Philippine Peso = 0.01422 St Helena Pound
1 Philippine Peso = 0.42241 Slovak Koruna
1 Philippine Peso = 149.32471 Sierra Leone Leone
1 Philippine Peso = 10.69051 Somali Shilling
1 Philippine Peso = 397.78391 Sao Tome Dobra
1 Philippine Peso = 0.16644 El Salvador Colon
1 Philippine Peso = 9.79608 Syrian Pound
1 Philippine Peso = 0.23678 Swaziland Lilageni
1 Philippine Peso = 0.60662 Thai Baht
1 Philippine Peso = 0.0483 Tunisian Dinar
1 Philippine Peso = 0.04363 Tongan paʻanga
1 Philippine Peso = 0.08961 Turkish Lira
1 Philippine Peso = 0.1286 Trinidad Tobago Dollar
1 Philippine Peso = 0.56886 Taiwan Dollar
1 Philippine Peso = 43.27563 Tanzanian Shilling
1 Philippine Peso = 0.49705 Ukraine Hryvnia
1 Philippine Peso = 71.0291 Ugandan Shilling
1 Philippine Peso = 0.01902 United States Dollar
1 Philippine Peso = 0.5933 Uruguayan New Peso
1 Philippine Peso = 151.83565 Uzbekistan Sum
1 Philippine Peso = 1494.25528 Venezuelan Bolivar
1 Philippine Peso = 433.30797 Vietnam Dong
1 Philippine Peso = 2.03595 Vanuatu Vatu
1 Philippine Peso = 0.04914 Samoa Tala
1 Philippine Peso = 10.63667 CFA Franc (BEAC)
1 Philippine Peso = 0.05136 East Caribbean Dollar
1 Philippine Peso = 10.63667 CFA Franc (BCEAO)
1 Philippine Peso = 1.926 Pacific Franc
1 Philippine Peso = 4.75366 Yemen Riyal
1 Philippine Peso = 0.23681 South African Rand
1 Philippine Peso = 98.716 Zambian Kwacha
1 Philippine Peso = 6.88415 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. 
Rating: 
No votes yet

Column of the Day

Frat hazing time again...

Dahli Aspillera's picture
By DAHLI ASPILLERA | May 25,2018
‘Schools will be opening in a few weeks. Drunken sprees at hazing sites!’

Opinion of the Day

Wasted first two years

Ellen Tordesillas's picture
By ELLEN TORDESILLAS | May 25, 2018
‘Malacañang spins these firings of officials to show that Duterte is a no-nonsense, decisive chief executive. Sorry, but that’s not how we see it.’