Taguig—(PHStocks)—East West Banking Corporation (EastWest, PSE: EW), one of the fastest-growing banks in the country today, announced that its branches, now called stores, now reached 245 or a two-fold increase compared to its end-2011 total of 122, after it opened 123 new stores this year in different areas in Metro Manila, Luzon, Visayas and Mindanao. EastWest’s commitment to its shareholders was to open new stores around the country at a rapid pace, which it has fervently pursued. The Bank plans to continue with its store expansion and grow its network to at least 350 by 2014.
Aside from its store network growth, IPO and unibank license, the Bank also posted other notable developments this year. Last November, EastWest was included in the MSCI Global Small Cap indices list. MSCI is a trusted and leading provider of investment decision support tools to investors globally, including asset managers, banks, hedge funds and pension funds. The MSCI Small Cap Index measures the equity performance of small cap stocks in developed and emerging markets around the world.
In October 2012, EastWest was named by The Asian Banker as the sixth strongest bank in the Philippines. The Asian Banker is a multinational company that provides business intelligence on the financial services industry. The Asian Banker scored banks in the Philippines based on scale, balance sheet growth, risk-profile, profitability, asset quality and liquidity.
In the same month, EastWest announced its offering of PhP5 billion worth of Long-Term Negotiable Certificates of Time Deposit (LTNCD), which will mature in five years. The first tranche was issued in November totalling PhP1.5 billion.
Last September 2012, the Bank disclosed that its Net Income for the first nine months of the year grew by 12% to PhP1.36 billion as against net income for the same period last year. Total Loans reached PhP60.97 billion, a 36.1% percent increase from same period last year. On the other hand, Total CA/SA (low cost deposits) reached PhP33.4 billion, a 21.9% increase year-on-year. Return on average equity stood at 12.3% while return on average asset was at 1.9% for the period ending September 2012.
EastWest Bank opened its doors to the public on August 1, 1994. The Bank is a subsidiary of the Filinvest Development Corporation (FDC), the publicly listed holding company of the Filinvest Group that evolved from a consumer business founded by Andrew L. Gotianun, Sr. in 1955. FDC is one of the country’s premier conglomerates, with business interests in real estate, banking, sugar, hospitality & tourism, and power-generation. Through the years, EastWest Bank has successfully capitalized on the financial strength and synergy from the business organizations under the Filinvest Group. As it continues to register strong business performance, EastWest remains committed in making good things happen for its clients.