Filinvest Development Corp. said Thursday net income grew 8 percent in the first quarter to P3 billion from P2.8 billion in the same period last year amid the coronavirus pandemic.
FDC said in a disclosure to the stock exchange it was able to post a respectable net income growth on strong performance of banking subsidiary EastWest Bank and cost control measures implemented across the group.
FDC said first-quarter consolidated revenues declined by 2 percent while costs declined 27 percent. Operating expenses increased 27 percent on provisions for losses made by EastWest Bank in anticipation of the economic fallout resulting from the effects of COVID-19.
“We are in unprecedented times. The events continue to unfold, and we cannot ascertain the full impact of the disruptions brought about by the COVD-19 pandemic. The government declared an enhanced community quarantine in mid-March to give the Philippines time to build up its health care arsenal,” FDC president and chief executive Josephine Yap said.