EastWest Bank posts first-half profit of P884M

MANILA, Philipines—The Gotianun-led EastWest Bank posted a six-month net profit of P884 million, up by 3.1 percent from a year ago, as higher earnings from lending activities offset a much-anticipated slowdown in trading gains.

This brought EastWest Bank’s return on equity (ROE) for the first half of the year to 18.1 percent and return on assets to 2.3 percent, one of the best-performing in the banking industry.

Total loans and receivables jumped by 16.1 percent to P41.4 billion from a year ago, half of which represented loans to individuals and households. Total consumer loans for the period reached P21.8 billion, up by 13.7 percent year on year, which was attributed by the bank to robust auto loan and credit card-issuing businesses.

Loans to businesses also posted significant gains, rising by P21 billion, or 16.7 percent from a year ago.

“We are pleased with our progress to expand our core banking businesses of loans and deposits. While we still see trading income to be lower than last year, we expect core earnings to cover for a big part of the shortfall. We likewise remain positive that the economy will sustain its growth momentum; as such the Bank will continue to do its part in supporting the country’s growth objectives,” EastWest Bank president and CEO Antonio C. Moncupa Jr. said.