EastWest targets 20% jump in 2017 profit

MANILA, Philippines -  East West Banking Corp. is aiming for a net income growth of at least 20 percent this year, a top-ranking official said.

At the company’s annual stockholders meeting Friday, EastWest CEO Antonio Moncupa Jr. said the bank is looking at a net income of about P3.4 billion in 2017, driven by improving consumer business.

Last year, EastWest reported a 70 percent surge in its net earnings to P3.4 billion.

EastWest claims to be the “most consumer-focused universal bank in the country” as more than half of its loan portfolio is lent to consumers.

Moncupa, however, said the bank may not be as aggressive in building new branches as last year as it slowly prepares its shift towards digital products.

Last year, the bank almost tripled its branch network in five years to 445 stores, which includes its rural bank subsidiary.

“That’s more than enough to cover the whole country,” Moncupa said.

He said the bank’s decision to slow down in terms of branch expansion is in line with the shift towards digital banking services, in preparation for its future generation of clients who are more mobile-inclined.

EastWest is the banking arm of the Gotianun-led Filinvest Development Corp.