Monday 20 May
EastWest Bank profit soars, thanks to teacher loans May 15, 2019 @ 20:12

EastWest Bank profit soars, thanks to teacher loans

 

The government had a lot to do with the bank’s strong first quarter results.

Teachers loans dent EastWest Bank’s earnings

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.

These EastWest Bank branches will be open on Christmas, New Year’s eve

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.

EastWest Bank’s income suffers due to stalled DepEd teacher loans

“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.

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