EastWest Banking Corp., the financial unit of Filinvest Development Corp., expects a net income of P5 billion to P6 billion in 2020 despite the allotment of P10 billion in preemptive provisioning in anticipation of the adverse impact of the COVID-19 pandemic.
EastWest chief executive Antonio Moncupa said during an online annual stockholders’ meeting before the weekend the bank aimed to face the current situation “squarely.”
Moncupa said the P10-billion preemptive provisions was estimated to be 4 percent of the bank’s total loan portfolio and should be among the more significant provisions level in the industry.
“East West still expects to earn between P5 billion to P6 billion for 2020. While lower than 2019’s P6.2-billion net income, the bank expects to still be among the highest in the industry,” Moncupa said.
“East West is well positioned to weather this crisis and sustain its position as among the most profitable banks in the banking industry. We just have to wait another year for that record year for profits,” Moncupa said.