EastWest Bank net income jumps 20% in first 9 months

EastWest Banking Corporation reported a 20 percent increase in net income, reaching P5.8 billion for the first nine months of 2024, primarily driven by strong core business performance and favorable securities trading gains.

The bank's net income saw a significant jump of 49 percent to P2.3 billion in the third quarter compared to the same period last year.

EastWest's net revenues increased by 26 percent to P32.2 billion, with net interest income growing by 23 percent to P25.1 billion.

A key factor in the growth of net interest income was the bank's strategic focus on consumer lending, which now constitutes 83 percent of its total loan portfolio.

The bank maintained a strong net interest margin (NIM) of 8.1 percent, significantly outperforming the industry average.

Non-interest income experienced a substantial rise of 39 percent to P7.1 billion, attributed to fees from consumer lending and other revenue streams.

Securities trading income contributed P1.4 billion to the bank's earnings, benefiting from a favorable easing interest rate environment.