June 25, 2017, 4:47 pm
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1 Philippine Peso = 0.07443 UAE Dirham
1 Philippine Peso = 2.4017 Albanian Lek
1 Philippine Peso = 0.03628 Neth Antilles Guilder
1 Philippine Peso = 0.32436 Argentine Peso
1 Philippine Peso = 0.02723 Australian Dollar
1 Philippine Peso = 0.03626 Aruba Florin
1 Philippine Peso = 0.04054 Barbados Dollar
1 Philippine Peso = 1.63579 Bangladesh Taka
1 Philippine Peso = 0.03534 Bulgarian Lev
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1 Philippine Peso = 34.60377 Burundi Franc
1 Philippine Peso = 0.02027 Bermuda Dollar
1 Philippine Peso = 0.02797 Brunei Dollar
1 Philippine Peso = 0.13904 Bolivian Boliviano
1 Philippine Peso = 0.06579 Brazilian Real
1 Philippine Peso = 0.02027 Bahamian Dollar
1 Philippine Peso = 1.30624 Bhutan Ngultrum
1 Philippine Peso = 0.20692 Botswana Pula
1 Philippine Peso = 405.75598 Belarus Ruble
1 Philippine Peso = 0.04049 Belize Dollar
1 Philippine Peso = 0.02733 Canadian Dollar
1 Philippine Peso = 0.01952 Swiss Franc
1 Philippine Peso = 13.57175 Chilean Peso
1 Philippine Peso = 0.13799 Chinese Yuan
1 Philippine Peso = 58.59343 Colombian Peso
1 Philippine Peso = 11.43535 Costa Rica Colon
1 Philippine Peso = 0.02027 Cuban Peso
1 Philippine Peso = 1.98075 Cape Verde Escudo
1 Philippine Peso = 0.47231 Czech Koruna
1 Philippine Peso = 3.59951 Djibouti Franc
1 Philippine Peso = 0.13357 Danish Krone
1 Philippine Peso = 0.95278 Dominican Peso
1 Philippine Peso = 2.19181 Algerian Dinar
1 Philippine Peso = 0.28109 Estonian Kroon
1 Philippine Peso = 0.36583 Egyptian Pound
1 Philippine Peso = 0.46433 Ethiopian Birr
1 Philippine Peso = 0.01797 Euro
1 Philippine Peso = 0.04244 Fiji Dollar
1 Philippine Peso = 0.01573 Falkland Islands Pound
1 Philippine Peso = 0.01572 British Pound
1 Philippine Peso = 0.08685 Ghanaian Cedi
1 Philippine Peso = 0.91021 Gambian Dalasi
1 Philippine Peso = 182.75233 Guinea Franc
1 Philippine Peso = 0.1491 Guatemala Quetzal
1 Philippine Peso = 4.14512 Guyana Dollar
1 Philippine Peso = 0.15784 Hong Kong Dollar
1 Philippine Peso = 0.47422 Honduras Lempira
1 Philippine Peso = 0.13229 Croatian Kuna
1 Philippine Peso = 1.24625 Haiti Gourde
1 Philippine Peso = 5.54195 Hungarian Forint
1 Philippine Peso = 269.57844 Indonesian Rupiah
1 Philippine Peso = 0.07211 Israeli Shekel
1 Philippine Peso = 1.30521 Indian Rupee
1 Philippine Peso = 23.93595 Iraqi Dinar
1 Philippine Peso = 657.62059 Iran Rial
1 Philippine Peso = 1.9771 Iceland Krona
1 Philippine Peso = 2.6139 Jamaican Dollar
1 Philippine Peso = 0.01433 Jordanian Dinar
1 Philippine Peso = 2.23666 Japanese Yen
1 Philippine Peso = 2.0906 Kenyan Shilling
1 Philippine Peso = 1.38113 Kyrgyzstan Som
1 Philippine Peso = 81.57681 Cambodia Riel
1 Philippine Peso = 9.12404 Comoros Franc
1 Philippine Peso = 18.24078 North Korean Won
1 Philippine Peso = 22.6366 Korean Won
1 Philippine Peso = 0.00614 Kuwaiti Dinar
1 Philippine Peso = 0.01662 Cayman Islands Dollar
1 Philippine Peso = 6.364 Kazakhstan Tenge
1 Philippine Peso = 166.08836 Lao Kip
1 Philippine Peso = 30.51277 Lebanese Pound
1 Philippine Peso = 3.08877 Sri Lanka Rupee
1 Philippine Peso = 1.84435 Liberian Dollar
1 Philippine Peso = 0.25922 Lesotho Loti
1 Philippine Peso = 0.06179 Lithuanian Lita
1 Philippine Peso = 0.01258 Latvian Lat
1 Philippine Peso = 0.02821 Libyan Dinar
1 Philippine Peso = 0.19642 Moroccan Dirham
1 Philippine Peso = 0.36735 Moldovan Leu
1 Philippine Peso = 1.09972 Macedonian Denar
1 Philippine Peso = 27.52331 Myanmar Kyat
1 Philippine Peso = 48.27726 Mongolian Tugrik
1 Philippine Peso = 0.16258 Macau Pataca
1 Philippine Peso = 7.25578 Mauritania Ougulya
1 Philippine Peso = 0.70024 Mauritius Rupee
1 Philippine Peso = 0.31394 Maldives Rufiyaa
1 Philippine Peso = 14.54094 Malawi Kwacha
1 Philippine Peso = 0.37863 Mexican Peso
1 Philippine Peso = 0.08672 Malaysian Ringgit
1 Philippine Peso = 0.2604 Namibian Dollar
1 Philippine Peso = 6.52615 Nigerian Naira
1 Philippine Peso = 0.59972 Nicaragua Cordoba
1 Philippine Peso = 0.17055 Norwegian Krone
1 Philippine Peso = 2.08654 Nepalese Rupee
1 Philippine Peso = 0.02835 New Zealand Dollar
1 Philippine Peso = 0.00779 Omani Rial
1 Philippine Peso = 0.02027 Panama Balboa
1 Philippine Peso = 0.06622 Peruvian Nuevo Sol
1 Philippine Peso = 0.06654 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.11897 Pakistani Rupee
1 Philippine Peso = 0.0753 Polish Zloty
1 Philippine Peso = 112.82935 Paraguayan Guarani
1 Philippine Peso = 0.0738 Qatar Rial
1 Philippine Peso = 0.08196 Romanian New Leu
1 Philippine Peso = 1.14766 Russian Rouble
1 Philippine Peso = 16.61897 Rwanda Franc
1 Philippine Peso = 0.076 Saudi Arabian Riyal
1 Philippine Peso = 0.16004 Solomon Islands Dollar
1 Philippine Peso = 0.26836 Seychelles Rupee
1 Philippine Peso = 0.13498 Sudanese Pound
1 Philippine Peso = 0.17451 Swedish Krona
1 Philippine Peso = 0.02797 Singapore Dollar
1 Philippine Peso = 0.01573 St Helena Pound
1 Philippine Peso = 0.45006 Slovak Koruna
1 Philippine Peso = 152.00649 Sierra Leone Leone
1 Philippine Peso = 11.08634 Somali Shilling
1 Philippine Peso = 435.85326 Sao Tome Dobra
1 Philippine Peso = 0.17678 El Salvador Colon
1 Philippine Peso = 10.43737 Syrian Pound
1 Philippine Peso = 0.26014 Swaziland Lilageni
1 Philippine Peso = 0.6897 Thai Baht
1 Philippine Peso = 0.04917 Tunisian Dinar
1 Philippine Peso = 0.04647 Tongan paʻanga
1 Philippine Peso = 0.0711 Turkish Lira
1 Philippine Peso = 0.13537 Trinidad Tobago Dollar
1 Philippine Peso = 0.61011 Taiwan Dollar
1 Philippine Peso = 45.17633 Tanzanian Shilling
1 Philippine Peso = 0.53223 Ukraine Hryvnia
1 Philippine Peso = 72.78071 Ugandan Shilling
1 Philippine Peso = 0.02027 United States Dollar
1 Philippine Peso = 0.57377 Uruguayan New Peso
1 Philippine Peso = 77.82732 Uzbekistan Sum
1 Philippine Peso = 0.20216 Venezuelan Bolivar
1 Philippine Peso = 459.54601 Vietnam Dong
1 Philippine Peso = 2.18241 Vanuatu Vatu
1 Philippine Peso = 0.05201 Samoa Tala
1 Philippine Peso = 11.77483 CFA Franc (BEAC)
1 Philippine Peso = 0.05472 East Caribbean Dollar
1 Philippine Peso = 11.82205 CFA Franc (BCEAO)
1 Philippine Peso = 2.13174 Pacific Franc
1 Philippine Peso = 5.06546 Yemen Riyal
1 Philippine Peso = 0.25921 South African Rand
1 Philippine Peso = 105.17835 Zambian Kwacha
1 Philippine Peso = 7.33482 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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