East West Banking Corp., the financial arm of the Filinvest Group, said it posted a 20-percent growth in personal loans in 2016.
EastWest executive vice president and consumer lending cluster head Jacqueline Fernandez said in a statement 2016 was the fourth consecutive year of double-digit growth in personal loans extended by the bank.
“This strong expansion can be attributed to sustained marketing and brand-building initiatives, larger third-party sales force and wider store network,” Fernandez said.
“We provide our customers with easy access to funds for their diverse needs such as home renovations, travel, tuition fees, and even car repair,” she said.
Fernandez said the bank’s personal loans offer flexible payment terms and competitive rates. “Loan application is processed fast so that our customers can conveniently get funds when they need it,” Fernandez said.
EastWest’s net income jumped 70 percent in 2016 to P3.4 billion from P2 billion in 2015. Total loans rose 29 percent to P202 billion, while deposits climbed 30 percent to P240 billion.