EastWest Banking Corporation (EastWest) achieved a historic milestone in 2024, posting its highest-ever net income of P7.6 billion, a 25 percent increase from the previous year.
This remarkable growth was driven by strong consumer loan expansion and robust deposit generation. Return on Equity (ROE) improved to 10.8 percent, marking a return to double-digit levels as the bank continued to expand its core income base.
In the fourth quarter alone, net income surged 47 percent year-on-year, driven by its higher revenue-generating capacity.
“EastWest’s strong financial performance is a result of our consistent drive for operational efficiency and customer- centric banking,” said EastWest President Jackie S. Fernandez.
“We have optimized our cost structure, enhanced our digital capabilities, and expanded our lending operations to better serve our customers. Our disciplined approach to managing risk and costs has allowed us to maintain a strong balance sheet while continuously improving thequality of service we provide.”
EastWest’s net interest income climbed 19 percent to P33.5 billion, fueled by 16 percent growth in its consumer lending portfolio, which now comprises 82 percent of total loans, the highest among peer banks.
Deposits expanded 8 percent to P385.4 billion, maintaining a CASA ratio of 81 percent, among the highest in the industry. This solid funding base enabled EastWest to achieve an industry-leading net interest margin (NIM) of 7.8 percent.
Non-interest income likewise rose 20 percent to P8.9 billion, driven by increased transaction fees and trading gains. As a result, total revenues rose 19 percent to P42.4 billion, solidifying the Bank’s position as a leading player in consumer banking.
Operating expenses ended at P23.5 billion, growing slower than revenues at 16 percent, mainly from manpower, IT costs to expand and improve efficiency, and business-related expenses associated with lending activities. Cost-to-income ratio improved by 160 basis points (bps), to 55.3 percent as the bank continues to improve its operational efficiency.
Total assets surpassed the half-a-trillion mark, growing 13 percent to P523.7 billion, a significant milestone as EastWest celebrates its 30th Anniversary. Loans and receivables expanded 13 percent to P336.0 billion, led by 38 percent growth in credit cards, 17 percent in personal and salary loans, and 5 percent in auto loans.
Capital ratios remain strong and supportive of future growth, with CAR at 13.4 percent and CET1 ratio at 12.7 percent, ensuring a solid financial foundation.
EastWest strengthened its digital capabilities with the successful launch of EasyWay, its all-in-one digital banking platform, and the transformation of Komo into a broader digital channel, expanding market reach. ESTA,the Bank’s AI-driven chatbot, also grew its footprint, enhancing customer engagement and servicing.
EastWest is a Filipino-owned universal bank and is a subsidiary of Filinvest Development Corporation (FDC), one of the country’s leading conglomerates with a diverse range of interests including real estate, banking, hospitality & tourism, infrastructure powergeneration, and sugar.
