EastWest Bank posts P6.1B net income in 2023, up 32%

Gotianun-led EastWest Bank posted a net income of P6.1 billion in 2023, up 32% year-on-year on the back of consumer loan growth and strong deposit generation.

In a disclosure to the Philippine Stock Exchange on Thursday, EastWest Bank reported revenues of P35.7 billion, up 26% from a year earlier as its consumer lending portfolio grew 25%.

The bank said its consumer lending portfolio accounts for 80% of total loans.

Total deposits, meanwhile, rose by 8% to P356.5 billion, accounted for mainly by CASA (current account/savings account) deposits, which grew 12% to P292.4 billion. 

The bank’s non-interest income surged by 51% to P7.4 billion as fees and commission grew 26% to P4.8 billion on the back of increased transactions that grew parallel with lending growth. 

Trading income also contributed P993.6 million to non-interest income growth, growing more than five times from 2022, EastWest Bank said.

“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 two years of continuous decline and resumed our quest to be one of the top consumer banks in the country,” said EastWest Bank president Jackie Fernandez.—LDF, GMA Integrated News