EastWest Bank profit soars, thanks to teacher loans
The government had a lot to do with the bank’s strong first quarter results.
Gotianun-led EastWest Bank saw its profit soar 36% to P1.3 billion in the first quarter as revenues increased to P6.6 billion, led by fees and commissions collected from clients.
The biggest difference this year is the return of the loan program for public school teachers, as East West Rural Bank finally settled its terms with the Department of Education.
“In 1Q2019, our rural bank continued to normalize its public-school teacher financing program, we recovered from last year’s Q1 trading loss, and continue to benefit from the seasoning of our consumer loan portfolio”, said Bobby S. Reyes, CEO of EastWest.
“For the rest of 2019, we expect market liquidity situation to improve and interest rates to go lower as the year progresses,” he said.