East West Banking Corp. (EWBC) of the Gotianun Group said Thursday it booked an all-time high net income of P7.4 billion in 2024, marking a 25-percent increase from the previous year.
It said the growth was led by strong consumer loan expansion and solid deposit generation. Return on equity (ROE) improved to 10.8 percent, the bank said Thursday in a disclosure to the stock exchange.
Fourth-quarter net income surged 47 percent from the same period a year ago.
“EastWest’s strong financial performance is a result of our consistent drive for operational efficiency and customer-centric banking,” said EWBC president Jackie Fernandez.
“We have optimized our cost structure, enhanced our digital capabilities, and expanded our lending operations to better serve our customers,” Fernandez said.
Net interest income climbed 19 percent to P33.5 billion, driven by a 16-percent growth in its consumer lending portfolio.
Consumer loans accounted for 82 percent of total loans.
Loans and receivables expanded 13 percent to P336 billion, led by a 38-percent growth in credit cards, 17 percent in personal and salary loans and 5 percent in auto loans.
Deposits grew 8 percent to P385.4 billion, with a current account savings account or CASA ratio of 81 percent.
Non-interest income rose 20 percent to P8.9 billion, while total revenues increased 19 percent to P42.4 billion.
Total assets surpassed the half-a-trillion mark, growing 13 percent to P523.7 billion,
Operating expenses grew 16 percent, slower than revenues, mainly due to IT and manpower costs.
“Our strategic direction is clear—we are committed to scaling our consumer banking business, deepening customer relationships, and accelerating digital transformation,” said EWBC chief executive officer Jerry Ngo.
“With a strong foundation, robust capital position, and market-leading margins, we are well-positioned to capitalize on growth opportunities,” he said.