Banking leads FDC to reach P8.5B income

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EASTWEST Bank, Filinvest Development Corp.’s (FDC) banking and financial services subsidiary, has delivered a net income contribution to the group of P6.4 billion, equivalent to 46 percent of FDC’s bottom line. 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 of total.

The power subsidiary contributed P1.9 billion in net income or 14 percent of total, while the balance of two percent came from other businesses.

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 billion in the previous year while consolidated net income dropped by 28 percent to P11.5 billion.

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. (PR)