Inquirer
EastWest bank’s income tops P7.6 billion in 2024
EastWest Bank reported a 25% increase in net income, reaching an all-time high of P7.6 billion in 2024.
This growth was primarily driven by strong consumer loan expansion and robust deposit generation.
The bank's net interest income grew by 19% to P33.5 billion, supported by a 16% rise in consumer loans.
Non-interest income experienced a 20% surge, amounting to P8.9 billion, boosted by service fees and trading gains.
The launch of the EasyWay mobile app contributed to the bank's performance by enhancing client transaction capabilities.
EastWest Bank CEO Jerry Ngo highlighted the bank's commitment to scaling its consumer banking business, strengthening customer relationships, and advancing digital transformation.
EastWest Bank President Jackie S. Fernandez noted the bank's operational efficiency, customer-centric banking, optimized cost structure, enhanced digital capabilities, and expanded lending operations.
In the fourth quarter alone, its net income surged by 47% year on year on strong revenues.
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