EastWest’s net grows 32% to P6.1B

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Gotianun-led EastWest Bank (EW) delivered P6.1 billion net income in 2023, 32 percent higher from last year, on the back of sustained consumer loan growth and strong deposit generation.Return on equity (ROE) stood at 9.5 percent.

“We witnessed significant growth in our major assets, our consumer loans portfolio. This translated to a remarkable jump in our net income as we doubled down on our strength in consumer lending. We reversed our 2 years of continuous decline and resumed our quest to be one of the top consumer banks in the country,” EW President, Jackie S. Fernandez, said.

“We entered 2024 with good momentum, but much work still needs to be done in growing and improving the Bank. We need to rise further, face the challenges and potential headwinds. Our goal is clear, to become one of the top consumer banks in the Philippines.” EW Chief Executive Officer (CEO), Jerry G. Ngo said.

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Net revenues increased by 26 percent to P35.7 billion, driven largely by itsconsumer lending portfolio which grew by 25 percent.

The consumer lending portfolio of EW accounts for 80 percent of total loans, the highest proportion among its peer banks.

This was supported by stable funding sources as total deposits grew by 8 percent to P356.5 billion, accounted for mainly by CASA deposits, which grew by12 percent or P31.5 billion to P292.4 billion.

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