East West Banking Corp., the 12th largest lender in terms of assets, said net income in the first half declined 11 percent to P2.2 billion from a year ago, pulled down mainly by the adverse development on wholly-owned subsidiary EastWest Rural Bank.
EastWest Bank said in a disclosure to the stock exchange net income in the second quarter rose 35 percent and registered a return on assets of 1.4 percent and return on equity of 11.1 percent. It said the numbers kept the bank among the most profitable lenders in the country.
It said excluding the rural bank business, East West’s net income increased 12 percent year-on-year.
“While the rural bank had some issues in the first half of the year, it remains committed to DepEd teachers. EWRB is proud of its contribution to push lending rates to teachers significantly lower and
give them access to credit,” EastWest vice chairman Antonio Moncupa Jr. said.
“The bank will continue to strongly advocate not only access and lower rates but equally important, inclusive lending programs and equality among lenders. Our teachers deserve nothing less,” Moncupa said.