Despite the Covid-19 pandemic wreaking havoc in the local economy, Filinvest Development Corporation (FDC) sustained healthy financial footing last year, with EastWest Bank accounting for almost half of its bottom line.
In a disclosure on Monday, the Gotianun family-led FDC said EastWest Bank, its banking and financial services subsidiary, delivered a P6.4 billion net income contribution to the group, equivalent to 46 percent of its 2020 profit.
Banking was followed by the property business, composed of the real estate and hospitality segments, which delivered a combined P5.3 billion or 38 percent.
Meanwhile, the power subsidiary contributed P1.9 billion in net income or 14 percent of the total, while the balance of 2 percent came from other businesses.
“Amidst the difficult business environment in 2020, we are pleased that we were able to strike a balance in our overall performance,” FDC President and CEO Josephine Gotianun-Yap said.
“Some businesses took a harder hit but other businesses continued to deliver solid performances.”
FDC reported a net income attributable to equity holders of the parent company of P8.5 billion in 2020, a decline of 29 percent from P12.0 billion in the previous year. Consolidated net income dropped by 28 percent to P11.5 billion.
The company said revenues and other income retreated by 15 percent as the growth posted by the banking business was offset by the contraction of the property business.
Expenses rose on account of higher provisioning by East West Bank as a prudential measure against probable bank loan losses resulting from the economic impact caused by the global health crisis.