July 24, 2014 4:41 PM ET

Banks

Company Overview of EastWest Banking Corporation

Company Overview

East West Banking Corporation, together with its subsidiaries, operates as a commercial bank providing a range of financial services to consumer and corporate clients in the Philippines. It operates through Retail Banking, Corporate Banking, Consumer Lending, and Treasury and Trust segments. The company offers personal banking services, such as checking and savings accounts, peso time deposit, bills payment, check-writing, and prepaid and gift cards; credit cards; auto, home, pre owned properties and cars, personal, and business loans; Internet banking; personal investment services, including money market and fixed-income unit investment trust funds, and fixed-income investment trust funds; ...

East West Corporate Center

The Beaufort

5th Avenue corner 23rd Street

Fort Bonifacio Global City

Taguig City,  1634

Philippines

Founded in 1994

4,860 Employees

Phone:

63 2 575 3888

Key Executives for EastWest Banking Corporation

EastWest Banking Corporation does not have any Key Executives recorded.

EastWest Banking Corporation Key Developments

EastWest Banking Corporation Announces Executive Changes, Effective May 25, 2014

EastWest Banking Corporation announced that Isagani A. Cortes, Vice President and Head of Compliance, has tendered his resignation effective May 25, 2014 to pursue other career opportunities. Ms. Bernadette T. Ratcliffe, First Vice President and Chief of Staff, will take over the functions of Mr. Cortes, subject to confirmation of the Board of Directors and approval of the Bangko Sentral ng Pilipinas.

EastWest Bank Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014

EastWest Bank announced unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net income fell 38% in the first quarter from a year ago as an industry-wide downturn in trading gains overshadowed the double-digit growth in its core businesses. The bank's net interest income increased by 23.7% to PHP 2,327,541,000 after it boosted its loans by 37.1% to PHP 102.0 billion. Total operating income was PHP 1,121,258,000 compared to PHP 1,728,054,000 a year ago. Income before tax was PHP 574,056,000 compared to PHP 692,873,000 a year ago. Net income attributable to the equity holders of the parent company was PHP 455,692,000 or PHP 0.40 per diluted share compared to PHP 737,741,000 or PHP 0.65 per diluted share a year ago, due to lower trading income and higher income taxes. Net cash provided by operating activities was PHP 6,976,160,000 compared to net cash used in operating activities of PHP 5,170,457,000 a year ago. Acquisitions of property and equipment were PHP 300,277,000 compared to PHP 206,843,000 a year ago. Return on Equity was 9.3% compared to 16.7% a year ago. Return on Assets was 1.2% compared to 2.5% a year ago. Net Revenues declined by only 4% in first quarter of 2014 to PHP 3,400,000,000 from PHP 3,600,000,000 in the same quarter last year, despite lower trading gains. The decline in securities trading gains were compensated by the stable double-digit growth in core recurring income, particularly net interest income from loans and service fees on consumer and branch transactions.

EastWest Banking Corporation Approves Amendment of Article I of its By-Laws; Announces Change of Principal Office Address

EastWest Banking Corporation advised that at the annual stockholders' meeting of the bank on April 25, 2014, the stockholders' approved the amendment of Article I of its By-Laws to change its principal office. The company is changing its principal office from Metro Manila to The Beaufort, 5th Avenue, corner 23rd Street, Fort Bonifacio Global City, Taguig City.

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