FDC bottom line grows by 19%

Gotianun-led Filinvest Development Corp. (FDC) reported a 19-percent growth in its net profit in the first nine months to P7.3 billion on higher earnings from its banking and property businesses.

Banking arm EastWest Bank said net income in January to September had surged by 60 percent to P3.7 billion from year-ago level.
East West Bank accounted for 43 percent of FDC’s revenue. The property business accounted for 38 percent while the power and sugar businesses contributed 15 percent and 4 percent, respectively.

Property arm Filinvest Land Inc. posted a net income of P3.7 billion in the first nine months, up 7 percent from a year ago, boosted by higher rental revenues.

FDC’s consolidated revenue rose by 15 percent to P48.4 billion.

EastWest Bank’s recurring earnings grew by 24 percent year-on-year to P18 billion as net interest income and fee-based income, excluding trading gains, rose by 22 percent and 30 percent, respectively. Noninterest income also rose by 5 percent year-on-year, in spite of a 70-percent dip in trading income.

EastWest’s consumer loans —which account for 72 percent of its loan book—grew by 29 percent. Total deposits were 19 percent higher year-on-year, with low-cost deposits growing by 23 percent. This allowed the bank to maintain an industry-leading net interest margin (NIM) of 7.8 percent.

FLI grew its revenue by 7 percent year-on-year to P14.5 billion during this nine-month period. Rental revenue grew by 31 percent to P3.2 billion, as the company booked additional earnings from new office and retail buildings. —DORIS DUMLAO-ABADILLA