EastWest earnings up 20% to P5.8B

Photo from EastWest Bank/FACEBOOK

Gotianun-led EastWest Banking Corp. saw its earnings in the first nine months expand by 20 percent to P5.8 billion on strong revenue growth across its core businesses.

In a stock exchange filing on Wednesday, the banking arm of Filinvest Development Corp. said its net revenues grew by 26 percent to P32.2 billion in the January to September period.

According to EastWest, its focus on consumer lending drove the 23-percent uptick in net interest income to P25.1 billion.

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

The segment accounted for 83 percent of its total loan portfolio.

Noninterest income jumped by 39 percent to P7.1 billion, driven by consumer lending-related fees.

As of end-September, Eastwest’s total assets stood at P497 billion, up by 12 percent.

Loans and receivables grew by 13 percent to P321.3 billion, buoyed by a 17-percent growth in consumer loans. Personal loans surged by 52 percent, credit card loans by 35 percent, and auto loans by 11 percent.

Eastwest previously said it would launch new digital products this year to boost its presence in the booming online market and support growth.

Jerry Ago, Eastwest CEO, said they wanted to “invest heavily” on digitalization, mainly through digital banking, in the next three to five years.

In August, Eastwest launched its new mobile app, EasyWay, that would streamline its clients’ banking experience.