Finance
Business World
June 14
by Ann Rozainne R. Gregorio

PhilRatings, in a statement yesterday, said the upgrade was based on the bank's "heightened operational base, expansion undertakings and plans to strengthen [its] position in the industry; capital build-up undertakings; improved asset quality; and enhanced positioning amidst a more challenging competitive environment"

A PRS Aa+ rating means a company is of high quality and it can meet its financial obligation, but is susceptible to "very low credit risk."

PRS Aa+ is one notch below PRS Aaa, the highest rating, given by the debt watcher to a company.

EastWest Bank booked a net income of P460 million in the first quarter, 3.84% higher than in the same period last year.

It has increased its distribution network by putting up new branches and automated teller machine units nationwide.

As of end-March, the bank had 144 branches. It targets to have 350 branches in three years to strengthen its footprint in the country.

In August of last year, EastWest Bank acquired the Green Bank of Caraga, a rural bank with 46 branches nationwide to give it entry to the lucrative microfinance business.

EastWest Bank President and Chief Executive Officer Antonio C. Moncupa last month said EastWest Bank was still in the process of "consolidating the operations of Green Bank" because it had yet to determine "the markets it would penetrate and the talents it would need" to execute its plans for the rural bank.

Also last month, the bank announced its plan raise P5 billion from the issuance of long-term negotiable certificates of deposit to finance its operations.

The bank listed on the local bourse on May 7