EastWest Bank reports record P7.6B net profit in 2024

EAST WEST Banking Corp. (EastWest Bank) reported a record net profit of P7.6 billion in 2024, marking a 25% increase from the previous year.

The bank's strong performance was driven by robust consumer loan expansion and deposit generation, resulting in a return on equity of 10.8%, with consumer lending comprising 82 percent of total loans.

EastWest Bank President Jackie S. Fernandez attributed the success to operational efficiency, enhanced digital capabilities, and expanded lending operations, emphasizing that the bank's financial performance is a result of its consistent drive for customer-centric banking.

Total revenues increased by 19% to P42.4 billion in 2024, with net interest income rising 19% to P33.5 billion due to significant growth in consumer loans and non-interest income swelling by 20 percent to P8.9 billion on increased transaction fees.

The bank's assets grew by 13% to P523.7 billion at the end of 2024, supported by strong funding and capital ratios, as EastWest continues to invest in digitalization through initiatives such as EasyWay and partnerships with GCash.