EastWest Bank posts P3.5B profit in first half of 2024

Photo from EastWest Bank/FACEBOOK

With customers securing more personal borrowings and auto loans, Gotianun-led EastWest Banking Corp. saw its net income grow by 6 percent to P3.5 billion in the first half on the back of higher net interest income.

The listed bank, in a disclosure on Friday, reported that its net revenues soared by 24 percent to P20.3 billion as of end-June, thanks to net interest income surging by 28 percent to P16.6 billion.

This growth was propelled by the increase in total loans and receivables, which climbed by 15 percent to P314.1 billion during the period. It was driven by 22-percent uptick in consumer loans, including personal loans, credit cards and auto loans.

READ: EastWest cues launch of new digital offerings

Total deposits, meanwhile, rose by 11 percent to P371.4 billion in the first semester.

Non-interest income was up 12 percent to P3.7 billion, which was primarily driven by consumer lending-related fees and service charges.

Operating expenses increased by 22 percent to P11.6 billion because of spending related to manpower, advertising, marketing and other corporate matters.

As of end-June, total assets jumped by 14 percent to P495.6 billion. EastWest is on track to breach the P500-billion mark by the end of the year.

Capital adequacy ratio and common equity tier 1 ratio stood at 13.1 percent and 12.3 percent, respectively, both of which were above the regulatory requirements.

Recently, EastWest launched EasyWay, its new mobile banking app designed to speed up the usual bank processes like deposits, withdrawals and loan payments.

“The launch of EasyWay and our upcoming initiatives for our channels, both physical and digital, are just the beginning of many developments to come,” EastWest CEO Jerry Ngo said.