EastWest Bank profit up 6% to P1.8B on strong consumer lending

East West Banking Corp. (EastWest) reported a 6% increase in net profit for the first quarter, reaching P1.8 billion, driven by robust consumer lending and cost structure optimization.

The bank's revenues surged by 16% to P11.6 billion, with net interest income climbing 13% to P9.3 billion.

Consumer lending experienced a significant 15% growth, now representing 84% of EastWest's total loan portfolio, the highest among peer banks.

Deposits expanded by 12% to P399.2 billion, with a CASA ratio of 74%, indicating strong balance sheet performance.

The bank achieved a net interest margin (NIM) of 8.1%, one of the highest in the sector.

Non-interest income grew by 25% to P2.3 billion, boosted by fees from its lending business, which rose by 31% to P1.7 billion.

EastWest president Jackie Fernandez highlighted the strong momentum in expanding their consumer franchise and the bank's continued focus on profitability through disciplined growth and operational efficiency.