The Gotianun-led lender said in a statement on Thursday that its net income for the first three months of 2021 was P2 billion, down from P2.3 billion a year ago. "The lower income was primarily driven by net interest income (NII), lower trading gains, and higher taxes," it explained. It also said that the interest rate cap on credit cards, in addition to decreased loan growth, contributed to the 11-percent decline in NII. "Taxes, on the other hand, increased primarily from the one-time adjustment as a result of the Create bill that cut the corporate income tax rate from 30 percent to 25 percent" EastWest added. EastWest shares saw an uptick of 4 centavos or 0.43 percent to close at P9.40 per share on Thursday.

Source: Manila Times May 20, 2021 16:18 UTC