Gotianun-led East West Bank grew its first quarter net profit by 60 percent to P735 million from a year ago on higher interest margins alongside a surge in fee-based and trading income.
MANILA, Philippines—The Gotianun-led East West Bank doubled the number of its branches to 245 in 2012 in line with plans to build a 350-strong local distribution channel to support further growth objectives by 2014. In a disclosure posted on the Philippine Stock Exchange on Monday, EastWest said it opened 123 new branches—which the bank [...]
The year 2012 is claimed to be one of the best years ever for the Philippine economy, with the gross domestic product expected to surpass the government’s target of 5 to 6 percent and the stock market ending the year on its 38th record high, making it the second-best performing market in Asia behind Thailand.
Gotianun-led East West Bank has raised P1.53 billion from its initial issuance of long-term high-yielding deposits, an initiative meant to boost the bank’s liability management.
Gotianun-led East West Bank sees its 2012 net profit hitting P1.8 billion on the back of a double-digit growth in loans and an above-industry loan margin.
Newly listed East West Bank has long identified lending to the consumer as a key strategy to be a “progressive” and “forward-looking” bank—one that plays a significant role in the banking system and whose brand resonates across households.
Two commercial banks on Thursday reported growth in profits for the first semester of the year due to healthy earnings from core lending and fee-based services, and hefty trading gains.
After an aggressive information campaign to announce its new recruitment drive, Philippine Airlines human resources officials were swamped last weekend by applicants who wanted to join the ranks of the flag carrier’s cabin crew team.
The Deutsche Bank, underwriter and stabilizing agent of the East West Bank’s initial public offering, has exercised its option to take up additional shares of the bank to take advantage of strong investor demand.
Shares of East West Bank sizzled on its stock trading debut on Monday, defying the downturn across regional markets, as investors bet on the Gotianun-led bank’s growth prospects.
Bloomberry Resorts Corp. and East West Bank, which went to the equities market last week as the local stock index hit record highs, benefited from strong demand among investors.
Gotianun-led East West Bank has priced its initial public offering at P18.50 per share, at the low end of the original price range.
