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June 23, 2024

Gotianuns beef up stake in EastWest

The Gotianun siblings beefed up their shareholdings in East West Banking Corp. led by bankero Tony Moncupa Jr.

EastWest chairman Jonathan Gotianun bought 25,000 shares at a price of P7.26 to P7.30 per share last May 18 and May 19.

Likewise, his sister, Josephine Gotianun-Yap also acquired 25,000 shares at a price of P7.26 to P7.30 per share during the same dates.

After the buying spree, Jonathan’s indirect shareholders reached 18.03 million shares and 19 direct shares.

On the other hand, the stake of Josephine totaled 17.01 million indirect shares and 539,629 direct shares.

The earnings of the Gotianun-led bank plunged by 75 percent to P507.6 million in the first quarter of the year from P2.03 billion in the same period last year on the back of higher provision for potential loan losses as well as lower trading revenues and income from loans due to the lingering impact of the COVID-19 pandemic.

Despite the sharp drop, the listed bank owned by the family of the late taipan Andrew Gotianun is sticking to its P4 billion profit guidance for this year as it expects better performance in the coming quarters as the country continues to recover from the pandemic-induced recession.