MANILA (PNA) — The Gotianun-family led Filinvest Development Corporation (FDC) booked a 21-percent increase in profit in 2016 driven mainly by banking business.
FDC told the local bourse its net income reached P8.5 billion last year from P7.02 billion in 2015.
Revenues surged 19 percent to P58.6 billion from P49.3 billion.
Its banking subsidiary East West Bank grew its net income to P3.4 billion in 2016, up by whopping 70 percent from P2 billion the previous year.
East West grew its loan portfolio by 29 percent to P202 billion, led by the 51-percent increase in consumer loans.
The bank started an expansion program in 2012 that grew its store network almost three times to 445, including its rural bank subsidiary.
“We are leveraging the expanded branch network not only to strengthen our core lending business, but also to diversify our sources of income with our new joint venture and subsidiaries,” said FDC Chairman Jonathan T. Gotianun.
Property group, including listed subsidiary Filinvest Land, Inc. (FLI), Filinvest Alabang, Inc. (FAI) and the hotel group, grew its profit by 5 percent to P24.2 billion in 2016.
FLI, one of the country’s largest integrated real estate developers and business process outsourcing (BPO) office providers, has seen the fruits of its efforts to grow its recurring income business as rental revenues grew 15 percent in 2016.
Consolidated revenues rose 19 percent to P58.6 billion from P49.3 billion.
The main contributors to the holding company’s revenues were banking (41 percent) and real estate (39 percent).
The power, sugar and hotel businesses shared 13 percent, 4 percent and 3 percent, respectively.