Stock News 2012: Filinvest Dev't subscribes to P3-B East West Bank shares

Portage Ave EastWest 06-10-07 (Photo credit: Wikipedia)
Gotianun-led Filinvest Development Corp. (FDC) has subscribed to P3 billion or a fourth of the increase in capitalization of its banking arm EastWest Bank Corp.

EastWest Bank raised its capitalization from P8 billion to P20 billion.

In a disclosure to the stock exchange, FDC said it subscribed to 300 million common shares of EastWest Bank with a par value of P10.

The Filinvest Group is one of the country’s leading conglomerates, with interests in real estate through Filinvest Land, financial and banking services, and sugar manufacturing through Pacific Sugar Holdings.

EastWest Bank posted a net income of P1.5 billion as of October last year, down 6.1 percent from the previous level, due to lower trading gains. Net revenues also fell 5.1 percent to P5.9 billion as a result of lower trading income.

Net interest income, however rose 11.4 percent to P3.9 billion as the bank improved its lending businesses and management of its cost of funds.

http://www.philstar.com/Article.aspx?articleId=769320&publicationSubCategoryId=

Stock News 2011: Gotianun bank sees assets growing to P100B this year

Image by randz via Flickr
Gotianun-led East West Bank seeks to scale up its auto-lending business by offering attractive gas freebies as part of its goal of hitting P100 billion in total bank resources this year.

In a briefing Friday,  East West Bank president Antonio Moncupa Jr. unveiled a car-financing program that offers up to P50,000 in free gas for clients availing themselves of auto loans with a size of more than P2 million. The offering is seen very timely and attractive given the upswing in global fuel prices.

The bank’s auto loan package carries a fixed interest rate of between 8 and 12 percent depending on the tenor, which ranges between 36 and 40 months. “We make sure we’re very competitive,” Moncupa said, noting that with narrowing loan spreads due to stiff competition in the banking system, it was a must to expand business volume.

East West Bank has expanded its car lending business by 26.2 percent in the first semester compared with a year ago, cementing its position as the country’s sixth biggest auto loan provider.

About P8 billion of the bank’s loans was devoted to car lending, Moncupa estimated.  This represented about 18 percent of the bank’s P44-billion loan portfolio as of end-June.

http://business.inquirer.net/16391/gotianun-bank-sees-assets-growing-to-p100b-this-year

Stock News 2010: Banks’ NPL ratio rises in July

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Universal and commercial banks’ soured loans in relation to total loans rose in July, the central bank said on Friday.

In a statement, the Bangko Sentral ng Pilipinas (BSP) said the non-performing loan (NPL) ratio of these banks stood at 3.37% in July, higher by 0.12% from the previous month’s 3.27%, but lower than the 3.49% in the same period last year.

July, the BSP noted, was the 22nd month the NPL ratio fell below 4%.

NPLs are loans whose principal or interest were unpaid 30 days or more after the due date.

The BSP said the month-on-month change took place because banks’ total loans declined faster than their disposal of soured loans.

NPLs fell to P85.73 billion in July from the previous month’s P87.67 billion, while their total loans dropped to P2.544 trillion from P2,681 trillion.

http://www.bworldonline.com/main/content.php?type=2

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