EastWest bank’s income tops P7.6 billion in 2024
East West Banking Corp. (EastWest) posted a 25-percent increase in net income to P7.6 billion last year, representing its highest in history as consumer loans drove growth.
The Gotianun-led bank disclosed to the stock exchange on Thursday that its net interest income jumped by a fifth to P33.5 billion.
Consumer lending, which comprises 82 percent of EastWest’s total loans, expanded by 16 percent.
“EastWest’s strong financial performance is a result of our consistent drive for operational efficiency and customer-centric banking,” EastWest President Jackie Fernandez said in a statement.
“We have optimized our cost structure, enhanced our digital capabilities, and expanded our lending operations to better serve our customers,” Fernandez added.
Meanwhile, non-interest income swelled by 20 percent to P8.9 billion on increased transaction fees and trading gains.
The bank’s top line reached P42.4 billion, up by 19 percent.
Manpower, information technology and other business-related costs “to expand and improve efficiency” drove operating expenses higher by 16 percent to P23.5 billion.
Loans and receivables climbed by 13 percent to P336 billion due to growth in credit cards, personal and salary loans, and auto loans.
Total assets of EastWest, the banking arm of conglomerate Filinvest Development Corp., as of end-December reached P523.7 billion.
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EastWest CEO Jerry Ngo earlier said they had wanted to “invest heavily” on digitalization, mainly through digital banking, in the next three to five years.
The bank launched last August EasyWay, its digital banking platform that allowed clients to manage their accounts, pay bills and access customer support remotely.
Last December, the bank also integrated its financial products into the mobile application of e-wallet platform GCash.
The partnership prioritized improving access to personal loan applications through the GCash Loan Marketplace, through which EastWest offers “tailored financial products [and] exclusive rates.”
