May 25, 2017, 11:25 am
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1 Philippine Peso = 0.07381 UAE Dirham
1 Philippine Peso = 2.39851 Albanian Lek
1 Philippine Peso = 0.03597 Neth Antilles Guilder
1 Philippine Peso = 0.32504 Argentine Peso
1 Philippine Peso = 0.02683 Australian Dollar
1 Philippine Peso = 0.03597 Aruba Florin
1 Philippine Peso = 0.04019 Barbados Dollar
1 Philippine Peso = 1.61957 Bangladesh Taka
1 Philippine Peso = 0.03496 Bulgarian Lev
1 Philippine Peso = 0.00756 Bahraini Dinar
1 Philippine Peso = 34.20217 Burundi Franc
1 Philippine Peso = 0.0201 Bermuda Dollar
1 Philippine Peso = 0.02784 Brunei Dollar
1 Philippine Peso = 0.13867 Bolivian Boliviano
1 Philippine Peso = 0.06563 Brazilian Real
1 Philippine Peso = 0.0201 Bahamian Dollar
1 Philippine Peso = 1.30125 Bhutan Ngultrum
1 Philippine Peso = 0.20751 Botswana Pula
1 Philippine Peso = 402.33121 Belarus Ruble
1 Philippine Peso = 0.04015 Belize Dollar
1 Philippine Peso = 0.0271 Canadian Dollar
1 Philippine Peso = 0.01953 Swiss Franc
1 Philippine Peso = 13.47267 Chilean Peso
1 Philippine Peso = 0.13847 Chinese Yuan
1 Philippine Peso = 58.35812 Colombian Peso
1 Philippine Peso = 11.51125 Costa Rica Colon
1 Philippine Peso = 0.0201 Cuban Peso
1 Philippine Peso = 1.96925 Cape Verde Escudo
1 Philippine Peso = 0.47339 Czech Koruna
1 Philippine Peso = 3.57074 Djibouti Franc
1 Philippine Peso = 0.13296 Danish Krone
1 Philippine Peso = 0.94574 Dominican Peso
1 Philippine Peso = 2.17205 Algerian Dinar
1 Philippine Peso = 0.27938 Estonian Kroon
1 Philippine Peso = 0.36314 Egyptian Pound
1 Philippine Peso = 0.46021 Ethiopian Birr
1 Philippine Peso = 0.01786 Euro
1 Philippine Peso = 0.0421 Fiji Dollar
1 Philippine Peso = 0.01545 Falkland Islands Pound
1 Philippine Peso = 0.01546 British Pound
1 Philippine Peso = 0.08669 Ghanaian Cedi
1 Philippine Peso = 0.90334 Gambian Dalasi
1 Philippine Peso = 181.20981 Guinea Franc
1 Philippine Peso = 0.14748 Guatemala Quetzal
1 Philippine Peso = 4.11013 Guyana Dollar
1 Philippine Peso = 0.15644 Hong Kong Dollar
1 Philippine Peso = 0.47082 Honduras Lempira
1 Philippine Peso = 0.13208 Croatian Kuna
1 Philippine Peso = 1.33903 Haiti Gourde
1 Philippine Peso = 5.50744 Hungarian Forint
1 Philippine Peso = 267.16239 Indonesian Rupiah
1 Philippine Peso = 0.0719 Israeli Shekel
1 Philippine Peso = 1.29803 Indian Rupee
1 Philippine Peso = 23.73392 Iraqi Dinar
1 Philippine Peso = 651.98958 Iran Rial
1 Philippine Peso = 2.0008 Iceland Krona
1 Philippine Peso = 2.60008 Jamaican Dollar
1 Philippine Peso = 0.01424 Jordanian Dinar
1 Philippine Peso = 2.23286 Japanese Yen
1 Philippine Peso = 2.07094 Kenyan Shilling
1 Philippine Peso = 1.36441 Kyrgyzstan Som
1 Philippine Peso = 81.2902 Cambodia Riel
1 Philippine Peso = 9.04341 Comoros Franc
1 Philippine Peso = 18.08682 North Korean Won
1 Philippine Peso = 22.44775 Korean Won
1 Philippine Peso = 0.00609 Kuwaiti Dinar
1 Philippine Peso = 0.01648 Cayman Islands Dollar
1 Philippine Peso = 6.24598 Kazakhstan Tenge
1 Philippine Peso = 164.32878 Lao Kip
1 Philippine Peso = 30.27532 Lebanese Pound
1 Philippine Peso = 3.06873 Sri Lanka Rupee
1 Philippine Peso = 1.84887 Liberian Dollar
1 Philippine Peso = 0.26588 Lesotho Loti
1 Philippine Peso = 0.06127 Lithuanian Lita
1 Philippine Peso = 0.01247 Latvian Lat
1 Philippine Peso = 0.02803 Libyan Dinar
1 Philippine Peso = 0.19542 Moroccan Dirham
1 Philippine Peso = 0.36586 Moldovan Leu
1 Philippine Peso = 1.09586 Macedonian Denar
1 Philippine Peso = 27.49196 Myanmar Kyat
1 Philippine Peso = 48.43248 Mongolian Tugrik
1 Philippine Peso = 0.16115 Macau Pataca
1 Philippine Peso = 7.19453 Mauritania Ougulya
1 Philippine Peso = 0.69695 Mauritius Rupee
1 Philippine Peso = 0.3115 Maldives Rufiyaa
1 Philippine Peso = 14.4168 Malawi Kwacha
1 Philippine Peso = 0.37541 Mexican Peso
1 Philippine Peso = 0.08626 Malaysian Ringgit
1 Philippine Peso = 0.26598 Namibian Dollar
1 Philippine Peso = 6.33039 Nigerian Naira
1 Philippine Peso = 0.59385 Nicaragua Cordoba
1 Philippine Peso = 0.16751 Norwegian Krone
1 Philippine Peso = 2.07195 Nepalese Rupee
1 Philippine Peso = 0.02866 New Zealand Dollar
1 Philippine Peso = 0.00773 Omani Rial
1 Philippine Peso = 0.0201 Panama Balboa
1 Philippine Peso = 0.06572 Peruvian Nuevo Sol
1 Philippine Peso = 0.06587 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.10309 Pakistani Rupee
1 Philippine Peso = 0.07495 Polish Zloty
1 Philippine Peso = 111.9996 Paraguayan Guarani
1 Philippine Peso = 0.07317 Qatar Rial
1 Philippine Peso = 0.0813 Romanian New Leu
1 Philippine Peso = 1.13651 Russian Rouble
1 Philippine Peso = 16.46403 Rwanda Franc
1 Philippine Peso = 0.07535 Saudi Arabian Riyal
1 Philippine Peso = 0.15881 Solomon Islands Dollar
1 Philippine Peso = 0.26967 Seychelles Rupee
1 Philippine Peso = 0.13384 Sudanese Pound
1 Philippine Peso = 0.17452 Swedish Krona
1 Philippine Peso = 0.02785 Singapore Dollar
1 Philippine Peso = 0.01546 St Helena Pound
1 Philippine Peso = 0.44626 Slovak Koruna
1 Philippine Peso = 149.31673 Sierra Leone Leone
1 Philippine Peso = 11.03296 Somali Shilling
1 Philippine Peso = 437.5784 Sao Tome Dobra
1 Philippine Peso = 0.17528 El Salvador Colon
1 Philippine Peso = 10.34928 Syrian Pound
1 Philippine Peso = 0.26605 Swaziland Lilageni
1 Philippine Peso = 0.69031 Thai Baht
1 Philippine Peso = 0.04822 Tunisian Dinar
1 Philippine Peso = 0.04643 Tongan paʻanga
1 Philippine Peso = 0.0716 Turkish Lira
1 Philippine Peso = 0.13463 Trinidad Tobago Dollar
1 Philippine Peso = 0.60344 Taiwan Dollar
1 Philippine Peso = 44.81511 Tanzanian Shilling
1 Philippine Peso = 0.52904 Ukraine Hryvnia
1 Philippine Peso = 72.62862 Ugandan Shilling
1 Philippine Peso = 0.0201 United States Dollar
1 Philippine Peso = 0.56692 Uruguayan New Peso
1 Philippine Peso = 76.36656 Uzbekistan Sum
1 Philippine Peso = 0.20045 Venezuelan Bolivar
1 Philippine Peso = 454.6624 Vietnam Dong
1 Philippine Peso = 2.15394 Vanuatu Vatu
1 Philippine Peso = 0.05199 Samoa Tala
1 Philippine Peso = 11.70539 CFA Franc (BEAC)
1 Philippine Peso = 0.05426 East Caribbean Dollar
1 Philippine Peso = 11.75181 CFA Franc (BCEAO)
1 Philippine Peso = 2.11917 Pacific Franc
1 Philippine Peso = 5.02271 Yemen Riyal
1 Philippine Peso = 0.2661 South African Rand
1 Philippine Peso = 104.2906 Zambian Kwacha
1 Philippine Peso = 7.27291 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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