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2016 Annual Report Dream. East West Banking Corporation EastWest Corporate Center The Beaufort, 5th Avenue corner 23rd Street, Bonifacio Global City Taguig 1634 Metro Manila, Philippines Customer Service Hotline (632) 888-1700 Live. www.eastwestbanker.com twitter.com/eastwestbanker facebook.com/eastwestbanker Achieve. 2016 ANNUAL REPORT EWBC 2016 AR Front and Back Covers only.indd 2 6/15/17 12:09 PM Contents Vision To be a world-class bank anchored on service excellence in our chosen markets 01 Vision & Mission 02 About EastWest Bank 03 At a Glance Mission 04 Financial Highlights Dream. To create value: 06 Message from the Chairman For our chosen markets, by providing them with excellent service in the delivery of 10 The Vice Chairman & CEO Speaks integrated and innovative products, responsive to their current and future financial 14 Operational Highlights Live. needs, at the best value. 21 Customer Focus For our employees, by continuously providing them with opportunities to develop Helping innovators live their dream their full potential and by giving recognition and rewards commensurate to their Driving aspirations contribution. A time to build An entrepreneur’s dream comes true For our community, by committing ourselves to improving the quality of life of Achieve. those around us through the support for various charities and involvement in A luxurious friendship Given the right opportunity, the means, and outreach activities. 26 Our People & the Community the tools, people with the will to succeed can be successful. At EastWest, your dream is our For our regulators, by uncompromisingly adhering to the highest standards of 28 Consumer Protection focus. We are committed to help you succeed business ethics and corporate governance. 30 Risk Management in life and in business by providing you the financial products and services, expert advice, For our shareholders, by managing the bank professionally and prudently to 34 Corporate Governance and financing support you need. consistently achieve optimal possible returns. 44 Board of Directors Now, more than ever, we are in a better position 48 Senior Management to make your dreams happen. So dream and 52 Senior Officers pursue your dreams while you live your life to the fullest. Imagine the possibilities. Grab the 53 Organizational Chart opportunities. EastWest is here to help you 54 Subsidiaries & Affiliate achieve your full potential. 58 Products & Services 60 EastWest Store Network 75 EastWest Rural Bank Store Network 78 Off-site ATM Network 84 Audited Financial Statements 201 Shareholder Information EASTWEST BANK Dream. Live. Achieve. [ 1 ] EWBC 2016 AR June 7.indd 2 6/15/17 11:30 AM EWBC 2016 AR June 7.indd 1 6/15/17 11:31 AM About EastWest Bank At a Glance 1994 Brand Pillars • Started commercial banking operations East West • Insightful expertise directed towards your priorities 2003 Banking Corporation • Acquired Ecology Savings Bank, Inc. (EastWest) is one • Dedication to making banking easier for you of the largest 2009 universal banks in the • Entrepreneurial spirit to realize our collective best potential • Acquired AIG PhilAm Savings Bank Philippines today. We 2011 cater to the financial Handover of the universal • Acquired Green Bank of Caraga, Inc. banking license needs of consumers, • Received universal banking license from BSP middle market corporates, and 2012 the mass affluent. • Awarded Best Commercial Bank in the Philippines by the Global Banking & Finance Review • Held an initial public offering — the first by a Philippine As of end-December 2016, bank in eight years 6,664 EastWestbankers and • Acquired Finman Rural Bank, Inc. EastWestRuralbankers comprised • Went on an aggressive store expansion, opened 123 stores our workforce. We have a 2013 combined network of 445 stores • Earned 5 distinctions at the Visa Performance Awards and 580 ATMs nationwide, Bell ringing ceremony at the PSE • Ranked among the world’s Top 1,000 Banks by The Banker for EastWest Bank’s IPO complemented with EastWest • Launched EastWest Travel Money, Southeast Asia’s first Online and our 24-hour multi-currency prepaid card Customer Service. 2014 Since 2012, EastWest has been • Named as one of the Top 10 Strongest Banks in the Philippines by The Asian Banker trading under the symbol ‘EW’ in • Upgraded its core banking system to Temenos T24 the Philippine Stock Exchange, • Surpassed the 350-store target by opening 58 more stores, allowing the public to participate bringing the total number of stores to 405 in our success. Service Pillars 2015 EastWest is a subsidiary • Raised PhP8 billion from its Stock Rights Offering Personable • Entered into a bancassurance joint venture with Belgium’s leading of Filinvest Development Warm and positive attitude, genuine insurer, Ageas, to form East West Ageas Life Insurance Corporation Corporation (FDC), one of the sentiment, and personal concern for the • Registered and started operations of East West Insurance Awards ceremony for the Asian Banker’s country’s leading conglomerates customer’s well-being and business affairs Brokerage, Inc. Best Consumer Finance Product with a diverse range of interests • Received 3 awards from VISA: Highest Debit Payment Dependable from real estate, banking, sugar, Volume Growth, Highest Consumer Credit Cards Growth, Dedicated to making banking as easy as hospitality/tourism to power Highest Consumer Credit Payment Growth possible for the customer — taking the effort • Awarded Best Growth Achievement at the 23rd Asian Cards generation. away whenever we can but with professional User Conference regard for due process For more information, go to: 2016 www.eastwestbanker.com Proactive • Registered East West Leasing and Finance Corporation Actively listening, offering the right • Registered and started operations of East West Ageas Life information at the right time, considering Insurance Corporation (operating under the name Troo) what the customer needs with thoughtful • Awarded Best Consumer Finance Product for Personal cross-selling Loans by The Asian Banker • Garnered Highest Debit Payment Volume Growth and WillyCompletion Tee Ten in ofa Rolls-Roycethe retail transfer agreement with Standard Chartered Dawn convertible Highest Prepaid Cards Growth awards from Visa Bank Philippines • Acquired the retail banking business of Standard Chartered Bank Philippines [ 2 ] EASTWEST BANK 2016 ANNUAL REPORT EASTWEST BANK Dream. Live. Achieve. [ 3 ] EWBC 2016 AR June 7.indd 2 6/15/17 11:31 AM EWBC 2016 AR June 7.indd 3 6/15/17 11:32 AM Financial Highlights Five years ago, we boldly made substantial investments in people, technology, and our store network, with the optimism and resolve to reap the fruits eventually. EastWest’s brave ascent Key Performance Indicators brings us to PhP3.4 billion in net income in 2016 — 70% higher than in 2015 — and 2016 2015 PhP291.8 billion in assets. This strength has given us more confidence to help you meet your Profitability (In millions PhP) financial needs and fulfill your dreams. Total Net Interest Income 15,399 12,340 Non-Interest Income 6,533 4,005 11,741 9,754 Net Income Assets Total Non-Interest Expenses 10,191 6,591 In billion PhP In billion PhP Pre-Provision Profit 3.408 291.818 Provision for Probable Losses 5,692 3,899 Net Income 3,408 2,004 2.073 2.004 2.056 232.856 188.263 Selected Balance Sheet Data (In millions PhP) 1.816 142.299 121.403 Liquid Assets 76,838 65,072 Gross Loans 201,798 1 5 7,0 1 0 Total Assets 291,818 232,856 Deposits 240,222 184,144 Total Equity 34,449 31,403 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Selected Ratios (In %) Loans Deposits In billion PhP 201.798 In billion PhP 240.222 Return on Equity 10.38 7.24 Return on Assets 1.32 0.99 Net Interest Margin 7.7 5 8.00 184.144 1 5 7. 0 1 0 CET 1 Capital Ratio 10.39 12.41 147.687 Capital Adequacy Ratio 13.28 15.59 122.132 95.635 111.176 91.209 72.3 85 Per common share data (In PhP) Net Income Per Share: Basic 2.27 1.44 Diluted 2.27 1.44 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Book Value 22.97 20.94 Capital Store Network Others 34.4 445 In billion PhP 433 Cash Dividends Declared (In millions PhP) 400 — 31.4 405 Headcount 6,664 6,073 347 Officers 2,695 2,464 Staff 3,969 3,609 21.4 19.4 292 1 7.3 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 [ 4 ] EASTWEST BANK 2016 ANNUAL REPORT EASTWEST BANK Dream. Live. Achieve. [ 5 ] EWBC 2016 AR June 7.indd 4 6/15/17 11:32 AM EWBC 2016 AR June 7.indd 5 6/15/17 11:32 AM Message from the Chairman The road to a dream “Now, more Nearly a decade after the 2008 global financial crisis that mired many than ever, we companies in debt, the dream of a strong recovery still eludes many nations. can see clearly In 2016, the sources of uncertainty came in many forms: from market uncertainty due to the the shape of a greater volatility of capital flows; to changes in political leadership across nations; to growing geopolitical tension in the world that makes outward-looking markets like ours vulnerable profitable bank to external shocks. The constantly changing regulatory environment also continued to be challenging for monetary policy making and for banks. that serves its Amid these uncertainties, the Philippine economy continued to be resilient. Inflows mainly from overseas Filipino workers and business process outsourcing drove up consumption and customers and investments in sectors such as real estate, banking, technology, and infrastructure. As a result, the country’s GDP rose by 6.8% in 2016, eclipsing Asia’s fastest economies, China and Vietnam. communities well.” Set against this roller-coaster backdrop, our strategy at EastWest Bank remains consistent.
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