December 17, 2017, 10:06 am
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1 Philippine Peso = 0.07288 UAE Dirham
1 Philippine Peso = 2.24593 Albanian Lek
1 Philippine Peso = 0.03533 Neth Antilles Guilder
1 Philippine Peso = 0.34712 Argentine Peso
1 Philippine Peso = 0.02593 Australian Dollar
1 Philippine Peso = 0.03533 Aruba Florin
1 Philippine Peso = 0.0397 Barbados Dollar
1 Philippine Peso = 1.63815 Bangladesh Taka
1 Philippine Peso = 0.03288 Bulgarian Lev
1 Philippine Peso = 0.00748 Bahraini Dinar
1 Philippine Peso = 34.75546 Burundi Franc
1 Philippine Peso = 0.01985 Bermuda Dollar
1 Philippine Peso = 0.02675 Brunei Dollar
1 Philippine Peso = 0.13617 Bolivian Boliviano
1 Philippine Peso = 0.06539 Brazilian Real
1 Philippine Peso = 0.01985 Bahamian Dollar
1 Philippine Peso = 1.2763 Bhutan Ngultrum
1 Philippine Peso = 0.20411 Botswana Pula
1 Philippine Peso = 397.3799 Belarus Ruble
1 Philippine Peso = 0.03965 Belize Dollar
1 Philippine Peso = 0.02552 Canadian Dollar
1 Philippine Peso = 0.01965 Swiss Franc
1 Philippine Peso = 12.62406 Chilean Peso
1 Philippine Peso = 0.13118 Chinese Yuan
1 Philippine Peso = 59.40849 Colombian Peso
1 Philippine Peso = 11.184 Costa Rica Colon
1 Philippine Peso = 0.01985 Cuban Peso
1 Philippine Peso = 1.86245 Cape Verde Escudo
1 Philippine Peso = 0.43364 Czech Koruna
1 Philippine Peso = 3.50992 Djibouti Franc
1 Philippine Peso = 0.12575 Danish Krone
1 Philippine Peso = 0.94204 Dominican Peso
1 Philippine Peso = 2.28011 Algerian Dinar
1 Philippine Peso = 0.26427 Estonian Kroon
1 Philippine Peso = 0.35252 Egyptian Pound
1 Philippine Peso = 0.5391 Ethiopian Birr
1 Philippine Peso = 0.01689 Euro
1 Philippine Peso = 0.04119 Fiji Dollar
1 Philippine Peso = 0.01488 Falkland Islands Pound
1 Philippine Peso = 0.0149 British Pound
1 Philippine Peso = 0.08949 Ghanaian Cedi
1 Philippine Peso = 0.93628 Gambian Dalasi
1 Philippine Peso = 177.61016 Guinea Franc
1 Philippine Peso = 0.14561 Guatemala Quetzal
1 Philippine Peso = 4.01171 Guyana Dollar
1 Philippine Peso = 0.15502 Hong Kong Dollar
1 Philippine Peso = 0.46602 Honduras Lempira
1 Philippine Peso = 0.12717 Croatian Kuna
1 Philippine Peso = 1.24851 Haiti Gourde
1 Philippine Peso = 5.30468 Hungarian Forint
1 Philippine Peso = 269.45216 Indonesian Rupiah
1 Philippine Peso = 0.0697 Israeli Shekel
1 Philippine Peso = 1.27173 Indian Rupee
1 Philippine Peso = 23.50139 Iraqi Dinar
1 Philippine Peso = 706.60975 Iran Rial
1 Philippine Peso = 2.09111 Iceland Krona
1 Philippine Peso = 2.47122 Jamaican Dollar
1 Philippine Peso = 0.01404 Jordanian Dinar
1 Philippine Peso = 2.23456 Japanese Yen
1 Philippine Peso = 2.04347 Kenyan Shilling
1 Philippine Peso = 1.38392 Kyrgyzstan Som
1 Philippine Peso = 79.89281 Cambodia Riel
1 Philippine Peso = 8.1582 Comoros Franc
1 Philippine Peso = 17.86423 North Korean Won
1 Philippine Peso = 21.58495 Korean Won
1 Philippine Peso = 0.00599 Kuwaiti Dinar
1 Philippine Peso = 0.01628 Cayman Islands Dollar
1 Philippine Peso = 6.65919 Kazakhstan Tenge
1 Philippine Peso = 164.78761 Lao Kip
1 Philippine Peso = 29.88289 Lebanese Pound
1 Philippine Peso = 3.0389 Sri Lanka Rupee
1 Philippine Peso = 2.48432 Liberian Dollar
1 Philippine Peso = 0.26141 Lesotho Loti
1 Philippine Peso = 0.06051 Lithuanian Lita
1 Philippine Peso = 0.01232 Latvian Lat
1 Philippine Peso = 0.02704 Libyan Dinar
1 Philippine Peso = 0.1878 Moroccan Dirham
1 Philippine Peso = 0.33869 Moldovan Leu
1 Philippine Peso = 1.03414 Macedonian Denar
1 Philippine Peso = 27.03454 Myanmar Kyat
1 Philippine Peso = 48.15403 Mongolian Tugrik
1 Philippine Peso = 0.15967 Macau Pataca
1 Philippine Peso = 6.9869 Mauritania Ougulya
1 Philippine Peso = 0.67209 Mauritius Rupee
1 Philippine Peso = 0.30905 Maldives Rufiyaa
1 Philippine Peso = 14.16276 Malawi Kwacha
1 Philippine Peso = 0.37963 Mexican Peso
1 Philippine Peso = 0.08094 Malaysian Ringgit
1 Philippine Peso = 0.2608 Namibian Dollar
1 Philippine Peso = 7.10599 Nigerian Naira
1 Philippine Peso = 0.60838 Nicaragua Cordoba
1 Philippine Peso = 0.16635 Norwegian Krone
1 Philippine Peso = 2.03573 Nepalese Rupee
1 Philippine Peso = 0.02839 New Zealand Dollar
1 Philippine Peso = 0.00762 Omani Rial
1 Philippine Peso = 0.01985 Panama Balboa
1 Philippine Peso = 0.06535 Peruvian Nuevo Sol
1 Philippine Peso = 0.06434 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.17745 Pakistani Rupee
1 Philippine Peso = 0.07099 Polish Zloty
1 Philippine Peso = 111.57205 Paraguayan Guarani
1 Philippine Peso = 0.07225 Qatar Rial
1 Philippine Peso = 0.07797 Romanian New Leu
1 Philippine Peso = 1.1679 Russian Rouble
1 Philippine Peso = 16.58892 Rwanda Franc
1 Philippine Peso = 0.07443 Saudi Arabian Riyal
1 Philippine Peso = 0.15358 Solomon Islands Dollar
1 Philippine Peso = 0.26852 Seychelles Rupee
1 Philippine Peso = 0.13219 Sudanese Pound
1 Philippine Peso = 0.16899 Swedish Krona
1 Philippine Peso = 0.02675 Singapore Dollar
1 Philippine Peso = 0.01489 St Helena Pound
1 Philippine Peso = 0.44077 Slovak Koruna
1 Philippine Peso = 151.44898 Sierra Leone Leone
1 Philippine Peso = 11.09567 Somali Shilling
1 Philippine Peso = 413.80507 Sao Tome Dobra
1 Philippine Peso = 0.17368 El Salvador Colon
1 Philippine Peso = 10.22191 Syrian Pound
1 Philippine Peso = 0.26054 Swaziland Lilageni
1 Philippine Peso = 0.6449 Thai Baht
1 Philippine Peso = 0.04961 Tunisian Dinar
1 Philippine Peso = 0.04557 Tongan paʻanga
1 Philippine Peso = 0.07666 Turkish Lira
1 Philippine Peso = 0.13159 Trinidad Tobago Dollar
1 Philippine Peso = 0.5944 Taiwan Dollar
1 Philippine Peso = 44.30329 Tanzanian Shilling
1 Philippine Peso = 0.54875 Ukraine Hryvnia
1 Philippine Peso = 71.55617 Ugandan Shilling
1 Philippine Peso = 0.01985 United States Dollar
1 Philippine Peso = 0.57046 Uruguayan New Peso
1 Philippine Peso = 160.57959 Uzbekistan Sum
1 Philippine Peso = 0.198 Venezuelan Bolivar
1 Philippine Peso = 450.55577 Vietnam Dong
1 Philippine Peso = 2.09845 Vanuatu Vatu
1 Philippine Peso = 0.05144 Samoa Tala
1 Philippine Peso = 11.07165 CFA Franc (BEAC)
1 Philippine Peso = 0.05359 East Caribbean Dollar
1 Philippine Peso = 11.49782 CFA Franc (BCEAO)
1 Philippine Peso = 2.00337 Pacific Franc
1 Philippine Peso = 4.96129 Yemen Riyal
1 Philippine Peso = 0.26079 South African Rand
1 Philippine Peso = 103.00714 Zambian Kwacha
1 Philippine Peso = 7.18341 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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