Filinvest Development Corporation (FDC) reported a 67 percent leap in net income for the first quarter of 2010 to P952 million from the P571 million registered in the same period last year.

In a disclosure to the Philippine Stock Exchange Wednesday, FDC said its banking and financial services business, through East West Banking Corporation (EWBC) generated the bulk of net revenues at 54 percent.

This was followed by real estate operations, primarily from Filinvest Land, Inc. (FLI) and Filinvest Alabang, Inc. (FAI), at 43 percent while the balance of 3 percent was from the sugar operations.

Meanwhile, the bulk of net income is attributed to real estate operations at 51 percent, followed by banking and financial services at 47 percent, and sugar operations at 2 percent.

FDC’s listed property arm, FLI, disclosed that its net income for the first quarter of 2010 reached P545 million, higher by 14 percent over the P476 million reported during the same period last year.

EWBC net revenues were 92 percent higher year-on-year at P1.63 billion from P846 million a year ago.

The growth is largely attributed to the 50 percent rise in Interest Income to P1.37 billion from P908 million during the same period in 2009 while net interest income grew to P1 billion from P518 million.

The first quarter 2010 results of EWBC include the operations of newly acquired subsidiaries AIG Philam Savings Bank, Philam Auto Finance and Leasing, Inc, and PFL Holdings, Inc., whose mergers with EWBC were approved by the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission in the third quarter of 2009. The other day, (its major subsidiary FLI ) reported a 14 percent hike in net income for the first quarter of 2010 to P545 million from the P76 million registered during the same period last year on the back of strong real estate sales.

In a disclosure to the Philippine Stock Exchange yesterday, the firm said total revenues amounted to P1.58 billion, 11 percent more than the P1.43 billion generated during the first three months of 2009.

Real estate sales accounted for 68 percent of total revenues while recurring rental income generated by the FLI’s BPO offices and mall leasing operations accounted for 20 percent of total revenues. The balance was accounted for by interest and other income.

In spite of the continuing global economic crisis, demand for FLI’s core business of residential housing for the socialized, affordable and middle-income markets, continued to remain steady.

Total residential sales reservations for the first three months of 2010 posted a hefty growth of 26 percent from P1.87 billion generated in the first quarter of 2009 to P2.36 billion in the period under review.

FLI’s newest product line, medium rise buildings (MRBs), continued to generate robust sales for the company. MRB projects are inner city projects with several 5-storey buildings clustered around the project’s central amenity area.