EastWest Banking Corp. (EW), the financial arm of the Gotianun family, said Wednesday net income grew 20 percent in the first nine months of 2024 to P5.8 billion from a year ago.
Third-quarter net income reached P2.3 billion, up 49 percent year-on-year, EW said in a disclosure to the stock exchange Wednesday.
“Our September results reflect our sustained momentum across key segments. While we benefitted from the trading environment, it’s the strength of our core businesses that continues to drive our overall performance,” said EW chief finance executive officer Jerry Ngo.
Net revenues grew 26 percent to P32.2 billion in the nine-month period. Net interest income rose 23 percent to P25.1 billion, as the bank focused on consumer lending, which accounted for 83 percent of its total loan portfolio. Net interest margin reached 8.1 percent.
Non-interest income totaled P71 billion, a 39-percent increase from a year ago, fueled by consumer lending fees and other sources, with securities trading income reaching P1.4 billion.
Operating expenses increased 23 percent to P17.9 billion, in line with the bank’s growth. However, the cost-to-income ratio improved to 55 percent, showcasing operational efficiency amid rising revenues.
Total assets rose 12 percent to P497 billion, with loans and receivables increasing by 13 percent to P321.3 billion.
Consumer loans grew 17 percent as personal loans went up by 52 percent, credit card loans by 35 percent and auto loans by 11 percent.
“With three decades in the industry, we remain focused on innovation and continuous improvement to provide exceptional service to our customers,” Ngo said.
