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Uncovering More Opportunities for You

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Uncovering More Opportunities for You UNCOVERING MORE OPPORTUNITIES FOR YOU 2017 ANNUAL REPORT VISION To be a world-class bank anchored on UNCOVERING MORE OPPORTUNITIES service excellence in our chosen markets. FOR YOU MISSION To create value: ABOUT THE THEME For our chosen markets, by providing them with excellent service in the delivery of integrated and innovative products, Success, they say, is where preparation and opportunity meet. responsive to their current and future financial needs, at the best value. In 2017, EastWest Bank entered the third phase of our long-term growth plan by embarking on an organizational and cultural revolution. For our employees, by continuously providing them with While we strengthened our market position and further enhanced opportunities to develop their full potential and by giving our systems and processes, we also deepened our executive bench and recognition and rewards commensurate to their contribution. upskilled our people to embrace a culture of customer-centricity. For our community, by committing ourselves to improving the All these aimed to prepare us for better and sustainable growth. We quality of life of those around us through the support for various believe that we are at one of the greatest transitions in our corporate charities and involvement in outreach activities. history, and only time will tell if we are right. For our regulators, by uncompromisingly adhering to the As a bank aspiring to attain world-class standards in service highest standards of business ethics and corporate governance. excellence, we want to grow more quickly, more efficiently, and using fewer resources, so we can uncover more opportunity for you — the For our shareholders, by managing the bank customers and stakeholders we serve. professionally and prudently to consistently achieve optimal possible returns. CONTENTS 1 Vision and Mission 46 Risk Management 2 About EastWest Bank 52 Corporate Governance 3 At a Glance 64 Board of Directors 4 Financial Highlights 70 Senior Management 5 Key Performance Indicators 76 Senior Officers 6 Message from the Chairman 78 Subsidiaries and Affiliate 10 Q&A with the Vice Chairman & CEO 84 Products and Services 16 Q&A with the President & Deputy CEO 86 EastWest Store Network 20 Operational Highlights 101 EastWest Rural Bank Store Network 28 Customer Feature 104 Off-site ATM Network 30 Our People and the Community 109 Audited Financial Statements 40 Consumer Protection EASTWEST BANK 2017 ANNUAL REPORT EASTWEST BANK 2017 ANNUAL REPORT 1 About EastWest Bank At a Glance 1994 2015 East West Banking Corporation (EastWest) is one of the largest universal • Started commercial banking operations • Raised PhP8 billion from its Stock Rights Offering banks in the Philippines today. We cater to the financial needs of consumers, • Entered into a bancassurance joint venture with middle market corporates, and the mass affluent. 2003 Belgium’s leading insurer, Ageas, to form East • Acquired Ecology Savings Bank, Inc. West Ageas Life Insurance Corporation As of end-December 2017, 7,035 EastWestbankers and • Registered and started operations of East West EastWestRuralbankers comprised our workforce. We have a combined 2009 Insurance Brokerage, Inc. • Acquired AIG Philam Savings Bank network of 446 stores and 572 ATMs nationwide, complemented with • Received 3 awards from Visa: Highest Debit EastWest Online, EastWest Mobile, and our 24-hour Customer Service. 2011 Payment Volume Growth, Highest Consumer • Acquired Green Bank of Caraga, Inc. Credit Cards Growth, Highest Consumer Credit Since 2012, EastWest has been trading under the symbol ‘EW’ in the • Received universal banking license from BSP Payment Growth Philippine Stock Exchange, allowing the public to participate in our success. • Awarded Best Growth Achievement at the 23rd EastWest is a subsidiary of Filinvest Development Corporation (FDC), one 2012 Asian Cards User Conference of the country’s leading conglomerates with a diverse range of interests • Awarded Best Commercial Bank in the from real estate, banking, sugar, hospitality/tourism to power generation. Philippines by the Global Banking and Finance 2016 Review • Registered East West Leasing and Finance For more information, go to: www.eastwestbanker.com Corporation • Held an initial public offering — the first by a Philippine bank in eight years • Registered and started operations of East West Ageas Life Insurance Corporation (operating • Acquired Finman Rural Bank, Inc. under the name Troo) • Went on an aggressive store expansion, opened • Awarded Best Consumer Finance Product for 123 stores BRAND PILLARS SERVICE PILLARS Personal Loans by The Asian Banker • Garnered Highest Debit Payment Volume • Insightful expertise Personable 2013 Growth and Highest Prepaid Cards Growth directed towards Warm and positive attitude, • Earned 5 distinctions at the Visa Performance awards from Visa your priorities genuine sentiment, and personal Awards concern for the customer’s well- • Ranked among the world’s Top 1,000 Banks by • Acquired the retail banking business of Standard • Dedication to making being and business affairs The Banker Chartered Bank Philippines banking easier for you • Launched EastWest Travel Money, Southeast Dependable Asia’s first multi-currency prepaid card 2017 • Entrepreneurial spirit to Dedicated to making banking as • Raised a total of PhP10 billion from its 2017 offering of peso-denominated long-term realize our collective best easy as possible for the customer — taking the effort away whenever we 2014 negotiable certificates of time deposits (LTNCDs) potential • Named as one of the Top 10 Strongest Banks in can but with professional regard for • Won Straight-Through Processing (STP) Awards the Philippines by The Asian Banker due process from JP Morgan and Wells Fargo • Upgraded its core banking system to Temenos • Recognized by the Chartered Financial Analyst Proactive T24 (CFA) Society Philippines as the ‘Best Managed Actively listening, offering the • Surpassed the 350-store target by opening 58 Fund of the Year’ for EastWest Peso Intermediate right information at the right time, more stores, bringing the total number of stores Term Bond considering what the customer to 405 needs with thoughtful cross-selling • Awarded ‘Auto Loan Product of the Year’ at The Asian Banker Philippine Country Awards 2017 • EastWest Rural Bank won Best Collecting and Paying Rural Bank awards from SSS 2 EASTWEST BANK 2017 ANNUAL REPORT EASTWEST BANK 2017 ANNUAL REPORT 3 FINANCIAL HIGHLIGHTS KEY PERFORMANCE INDICATORS 2017 2016 NET INCOME ASSETS Profitability (In millions PhP) In Billions PhP In Billions PhP Total Net Interest Income 18,451 15,399 PhP 5.1 B 5.1 Non-Interest Income 7, 2 0 3 6,533 Net Income 3 1 7. 6 291.8 Total Non-Interest Expenses 13,982 11,741 3.4 Pre-Provision Profit 11,671 10,191 232.9 Provision for Probable Losses 4,464 5,692 188.3 2.1 2.1 2.0 Net Income 3,408 142.3 5,051 PhP 317.6 B Assets 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Selected Balance Sheet Data (In millions PhP) Liquid Assets 81,581 76,838 PhP 258.7 B Gross Loans 223,467 201,798 Total Assets 291,818 Deposits LOANS DEPOSITS 3 1 7, 6 43 In Billions PhP In Billions PhP Deposits 258,726 240,222 Total Equity 39,006 34,449 PhP 39 B 258.7 240.2 Equity 223.5 Selected Ratios (In %) 201.8 184.1 1 5 7. 0 1 4 7.7 Return on Equity 13.8 10.38 122.1 111.2 Return on Assets 1.7 1.32 95.6 Net Interest Margin 7. 8 7.7 5 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 CET 1 Capital Ratio 11.3 10.39 Capital Adequacy Ratio 14.0 13.28 Per common share data (In PhP) CAPITAL STORE NETWORK In Billions PhP In Billions PhP Net Income Per Share: Basic 3.37 2.27 38.8 445 433 2.27 446 Diluted 3.37 34.4 405 31.4 Book Value 26.0 22.97 347 21.4 19.4 Others Cash Dividends Declared (In millions PhP) 500 400 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Headcount 7, 0 3 5 6,664 Officers 2,812 2,695 Staff 4,223 3,969 4 EASTWEST BANK 2017 ANNUAL REPORT EASTWEST BANK 2017 ANNUAL REPORT 5 MESSAGE FROM THE CHAIRMAN Journeying with You They say transformation is not a future event, but a fusion of the present and the past. At EastWest Bank, we believe we are past the time of laying the groundwork and are now up to the task in realizing our full potential as a significant player in the Philippine banking arena. This simply means being agile, smart, and constantly on our toes as we keep up and stay ahead in the intensely competitive banking industry. Riding the Wave In 2017, we entered the third phase of our long-term growth plan for the Bank: “Realizing Full Potential.” Thankfully, the year had been generally conducive to business. After several years of slow growth, the global economy returned to recovery mode. According to the International Monetary Fund, global real GDP grew 3.6% in 2017, the fastest pace in five years. Asia continued to be the bright spot for the world in 2017 with positive business sentiment and key equity markets hitting new peaks in major Asian markets. The Philippine economy kept apace, and was among the fastest- growing economies in the region. Recovery in the agriculture sector, strong government spending on infrastructure, as well as better exports and imports, boosted GDP growth to 6.7% in 2017. Household consumption increased by 5.5% in 2017 and had a ripple effect on many industries, including banking, real estate, retail, construction and in the local automotive sector. Growth in auto sales hit a record high of 17.66% as sales totaled 473,943 units in 2017. 6 EASTWEST BANK 2017 ANNUAL REPORT 7 MESSAGE FROM THE CHAIRMAN EastWest Bank was able to ride on this economic momentum emerging markets, spelling a significant growth with a 20% growth in our auto loans business, contributing to opportunity for lenders like EastWest Bank.
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