Banking unit boosts FDC’s Q1 net income

Filinvest Development Corp. grew net profit in the first three months by 44 percent year-on-year to P1.8 billion, led by the strong performance of its banking business.

Consolidated revenues rose by 41 percent year-on-year to P12.8 billion, growing strongest in recurring income revenues of banking subsidiary EastWest Bank.

Meanwhile, power subsidiary FDC Utilities Inc. (FDCUI) marked a milestone as it started booking revenues from the energy sale of its independent power producer administrator contracts.

As such, the power business started contributing revenues to the group this year, one year ahead of schedule.

“Our first quarter results reflect the fruits of our focused investment strategy at FDC. EastWest Bank’s expanded branch-store footprint strengthened our ability to generate higher quality recurring interest income,” said FDC chair Jonathan Gotianun.

EastWest Bank’s net income in the first three months jumped by 32 percent year-on-year to P600 million. The bank generated P4.1 billion in net revenues in the first three months, 20 percent higher year-on-year. Its loan book grew by 21 percent year-on-year to P123.8 billion for period.

Real estate subsidiary Filinvest Land Inc. (FLI) grew first quarter net profit by 15 percent year-on-year to P1.2 billion. Revenues grew by 17 percent year-on-year to P4.6 billion in the first quarter.

FLI also reported strong sales across all its residential product offerings, including horizontal housing projects, medium-rise buildings under “Oasis” and “Spatial” brands, and high-rise buildings.

Rental income also grew as FLI recognized revenues from Plaz@ E at Northgate Cyberzone in Filinvest City, Alabang. Doris Dumlao-Abadilla