EARNINGS of Filinvest Development Corp. (FDC) grew by 9% in the first quarter of 2017, as revenues rose by double-digits on the steady growth of its property and banking businesses.

The Gotianun-led holding firm disclosed on Monday a net income of P2.4 billion in the three months ending March, as revenues climbed by 17% to P16.6 billion during the period.

FDC’s property arm through Filinvest Land, Inc. (FLI), Filinvest Alabang, Inc., and hotel group contributed 42% of the firm’s total revenues, followed by banking subsidiary EastWest Bank at 40%. The company’s power and sugar businesses, meanwhile, accounted for 13% and 4%, respectively.

Listed real estate developer FLI saw a 7% increase in net income to P1.41 billion for the three-month period. Revenues went up 26% to P5.9 billion as it saw robust growth from its residential and office developments.

“We are confident of FLI’s continued growth in 2017 as we launch new residential projects that cater to our core market and complete our planned office and retail developments,” FLI President and Chief Executive Officer Josephine Gotianun Yap was quoted as saying in a statement.

EastWest Bank booked a net income of P1.2 billion for the first quarter, 54% higher from the same period in 2016 due its expansion program which allowed for loan growth. The bank now has 446 branches, almost three times its number in 2011 at 168.

“We are seeing the early returns of our store expansion program that started in 2012… Growing the network allows us to be closer to our customers,” FDC Chairman Jonathan T. Gotianun said in a statement.

The bank reported an 18% increase in total revenues to P6 billion, while core revenues, or the income after taking out volatile trading profits, gained 26% to P5.9 billion.

This year, FDC has allotted around P40 billion to fund expansion in the property and infrastructure sectors, at the same time supporting the government’s plan to increase infrastructure spending by showing interest in the expansion of Clark International Airport.

The company has partnered with Gokongwei-led JG Summit Holdings, Inc. for an unsolicited proposal to develop the airport for P186.64 billion.

Shares in FDC traded flat at P7.90 apiece in the Philippine Stock Exchange on Monday.

Source: BusinessWorld