EAST West Banking Corp., the financial subsidiary of the Filinvest Group, said Friday a 25-percent increase in net income this year is realistic after posting a remarkable growth in the first quarter.
EastWest said net income in the first quarter of 2017 jumped 54 percent to P1.2 billion on account of robust loan growth and improving productivity.
“As we have said previously, we expect to see steady increase in productivity after we have completed our expansion and as our stores mature. Business has been good,” EastWest vice chairman and chief executive Antonio Moncupa Jr. said in a statement Friday.
“We expect revenue growth to continue besting increases in costs. At the rate we are going, a 25-percent increase in income this year to around P4.25 billion is doable,” Moncupa said.