×

Error message

  • Deprecated function: Function create_function() is deprecated in views_php_handler_field->pre_render() (line 202 of /home/fvtgrp/public_html/sites/all/modules/views_php/plugins/views/views_php_handler_field.inc).
  • Deprecated function: Function create_function() is deprecated in views_php_handler_field->pre_render() (line 202 of /home/fvtgrp/public_html/sites/all/modules/views_php/plugins/views/views_php_handler_field.inc).
  • Deprecated function: Function create_function() is deprecated in views_php_handler_field->pre_render() (line 202 of /home/fvtgrp/public_html/sites/all/modules/views_php/plugins/views/views_php_handler_field.inc).
  • Notice: Undefined index: value in __lambda_func() (line 2 of /home/fvtgrp/public_html/sites/all/modules/views_php/plugins/views/views_php_handler_field.inc(202) : runtime-created function).
  • Deprecated function: Function create_function() is deprecated in views_php_handler_field->pre_render() (line 202 of /home/fvtgrp/public_html/sites/all/modules/views_php/plugins/views/views_php_handler_field.inc).
  • Deprecated function: Function create_function() is deprecated in views_php_handler_field->pre_render() (line 202 of /home/fvtgrp/public_html/sites/all/modules/views_php/plugins/views/views_php_handler_field.inc).

Banking unit boosts FDC income in 2019

21
May
2020

Banking unit boosts FDC income in 2019

Filinvest Development Corp. (FDC) said its attributable net income grew 23 percent last year to P12 billion, from the previous year’s P9.8 billion, due to the strong performance of its core businesses of banking and property.

The company said revenues grew 15 percent to P74.84 billion, from the previous year’s P64.91 billion.

FDC’s property business, composed of the real estate and hospitality segments, continues to be a solid source of growth for the group, contributing more than half of its bottom line in 2019, the company said.

The company said its banking unit East West Banking Corp. delivered a net income contribution to the group of P6.1 billion, higher by 45 percent than the previous year’s P4.5 billion.

Power subsidiary FDC Utilities Inc. (FDCUI) contributed P2.5 billion in net income, rising by 20 percent year-on-year.

“The year 2019 was a banner year for FDC. We met our goals for our core businesses, gained further traction in the new businesses and achieved record financial results. This was done through our continued focus on the delivery of products and services to the dynamic yet underserved middle market,” said FDC President and CEO Josephine G. Yap.

“The Covid-19 [coronavirus disease 2019] pandemic, however, has put an unexpected pause to our 2020 plans. Our attention was diverted as we worked closely with the public and private sectors to mobilize resources towards health care, testing and community assistance,” Yap added.

Sales of lots, condominium and residential units rose by 5 percent to P21.5 billion in 2019, led by higher residential sales reported by its property development unit Filinvest Land Inc. (FLI). Meanwhile, rental revenues from FLI as well as Filinvest Alabang Inc. grew 21 percent year-on-year to P7.5 billion on the back of a total building and land lease portfolio of almost 1.1 million square meters of gross leasable area.

Hotel operations expanded 24 percent to P3.3 billion, boosted by the opening of Crimson Resort and Spa Boracay in November 2018 and Quest Tagaytay in April 2019, combined with higher occupancy rates, it said.

Filinvest Hospitality Corp., which handles the hotel operations, currently has a portfolio of six managed properties with approximately 1,800 rooms under the Crimson and Quest brands.

The company said EastWest Bank’s revenues and other income grew by 21 percent to P36.4 billion, driven by a combination of a 12-percent growth in net interest income and 16-percent increase in noninterest income.

“EastWest Bank recorded its most profitable year in 2019 following a consumer-led loan portfolio that expanded remarkably well. It also maintained its top-tier position in profitability with a return on equity of 14 percent,” said FDC Chairman Jonathan T. Gotianun.

The company also said FDCUI revenues rose by 17 percent to P10.1 billion as a result of higher sales volume brought about by increased demand from its customers and the sale of replacement power to other power generators.

FDC’s power unit operates an aggregate 405-megawatt clean coal plant in Misamis Oriental, considered the largest operating baseload power plant in Mindanao.

The plant was able to maintain a high availability factor of 91 percent in 2019, allowing it to serve its disperse customer base of 15 distribution utilities and a private company.

Share: