EastWest Bank reports 49% year-on-year net income growth

EAST WEST Banking Corp. (EastWest Bank) reported a 49% year-on-year increase in net income to P2.3 billion for the third quarter, with total profit growth of P5.8 billion for the first nine months.

The bank's earnings expanded by 20 percent to P5.8 billion on strong revenue growth across its core businesses, driven by a focus on consumer lending that accounted for 83% of its loan portfolio.

EastWest Bank’s net interest income rose 23% year-on-year to P25.1 billion in the first nine months, with non-interest income increasing by 39% to P7.1 billion due to fee earnings from consumer lending and other sources.

Total assets stood at P497 billion as of end-September, up by 12 percent, while loans and receivables grew by 13% year-on-year to P321.3 billion, with personal loans surging by 52%, credit card loans by 35%, and auto loans by 11%.

EastWest aims to invest heavily in digital banking over the next three to five years, including launching new mobile app EasyWay in August to streamline clients' banking experience.

Despite a 26% increase in operating expenses to P17.9 billion, EastWest Bank maintained a cost-to-income ratio of 55%, reflecting its strategic focus on consumer lending and digital transformation.