Gotianun bank net profit rose 13.2%

Gotianun-led East West Bank expanded its net profit last year by 13.2 percent to P2.1 billion on above-industry loan growth and margins alongside the growth in other core businesses.

This translated to a return on equity of 11.1 percent and return on assets of 1.6 percent, the bank disclosed to the Philippine Stock Exchange on Monday.

The bank grew its loan book by 32.1 percent to P95.6 billion for the year. Consumer loans rose 29.4 percent to P48.9 billion as credit cards, auto, mortgage and personal loans businesses all expanded at a double-digit pace from the previous year. Lending to top-tier corporations also jumped 35.1 percent to end the year at P46.7 billion.

The expansion in loan book was supported by a 21.9-percent increase in total deposits to P111.2 billion, driven by the expansion in its branch network.

In 2013, the bank opened a total of 55 new branches to end the year at 300. As of March 17 this year, the consolidated branch store network of EastWest Unibank and EastWest Rural Bank was at 369.