EastWest Bank reports industry-leading 2017 results in Annual Stockholders’ Meeting

At the recently held EastWest Banking Corporation (EastWest)’s Annual Stockholders’ Meeting, EastWest Vice Chairman and Chief Executive Officer Antonio C. Moncupa, Jr. reported that 2017 was so far the bank’s most fruitful year in recent years, with industry-leading return on equity (ROE) of 13.8 percent, the highest among listed banks.

The bank continued to enjoy as well the industry’s highest net interest margin at 7.8 percent with net income growing by 48 percent from P3.41 Bn in 2016 to P5.05 Bn in 2017. 

EastWest Board of Directors (L-R): Carlos Alindada, Independent Director; Jesus Roberto Reyes, President & Deputy CEO;  Benedicto Valerio, Jr., Corporate Secretary; Antonio C. Moncupa, Jr., Vice Chairman and CEO; Jonathan T. Gotianun, Chairman; and Josephine Gotianun-Yap, Director.

Moncupa attributed these to the bank’s efforts to improve and expand its operations. These include the bank’s aggressive store expansion in recent years that brought the bank’s network to 447 stores to date, competitive loan programs, as well as the bank’s acquisition of Standard Chartered Bank’s retail portfolio.

“We thank our customers and stockholders for their continued trust and confidence in us.  We are motivated by our focus to help our customers achieve their dreams,” he said.

Members of the EastWest Board of Directors at the bank’s 2018 Annual Stockholders’ Meeting (L-R): Paul Aquino, Independent Director; Carlos Alindada, Independent Director; Jesus Roberto Reyes, President & Deputy CEO;  Benedicto Valerio, Jr., Corporate Secretary; Antonio C. Moncupa, Jr., Vice Chairman and CEO; Jonathan T. Gotianun, Chairman; Josephine Gotianun-Yap, Director; Jose Sandejas, Independent Director; and Wilson Sy, Director.

Moncupa said that 2018 may not be as productive as 2017 for EastWest as the bank is faced with bigger challenges this year.  These include heightened international economic and political risks that will affect all banks, such as volatile exchange rates and stock market and higher interest rates. There is also the suspension of the Department of Education’s lending program for public school teachers, with the new rules governing the program and its impact on those with existing exposures are yet to be determined.  “Bottom line, it appears that revenues and income from this segment will likely be lower in 2018,” he said.  

Along with Moncupa, EastWest Bank’s Chairman, Jonathan T. Gotianun and President & Deputy CEO, Jesus Roberto Reyes, led the bank’s Board of Directors in presenting EastWest’s performance and future plans to the stockholders and guests who attended the event at the Crimson Hotel in Filinvest City, Alabang.