Filinvest banking unit eyes 25% jump in 2013 earnings
MANILA, Philippines - Eastwest Banking Corp., a unit of Gotianun-led Filinvest Development Corp., expects steady growth in earnings in 2013.
In a disclosure to the Philippine Stock Exchange on Monday, April 22, the bank forecast its net income to grow 25% in 2013, the same as what it recorded in 2012.
Eastwest Bank's net income grew 25% to P11.4 billion in 2012 from P9.11 billion in 2011.
"This year, EastWest expects to increase its net income by around 25% on the back of expected increases in core banking related revenues from loans and deposits, and fixed income and foreign currency trading," said its president and CEO Antonio Moncupa during the company's stockholders' meeting on Friday, April 19.
"Revenues should increase as the branches put up in the last 2 years become more productive and from the expanded corporate and consumer lending units."
"The bank remains confident on the timing of its expansion program that should benefit from the positive macro-economic environment and the palpable bullish sentiments from investors, businesses and consumers. It also expects to sustain its trading revenue levels."
EastWest Bank said that is set to open 350 branches by early 2014. - Rappler.com