EastWest Bank's Q1 net income up 32% to P600M

EastWest Bank on Friday reported its net income rose 32 percent to P600 million in the first quarter of the year from P456 million a year ago, driven by recurring revenues.

 

Revenues from fees increased by 39 percent to P1.1 billion from P800 million in the same comparable period, offsetting a 8 percent drop in trading gains to P297 million from P321 million.

 

Net revenues went up 20 percent to P4.1 billion from P3.4 billion.

 

Expenses amounted to P2.4 billion, up 14 percent from P2.1 billion. 

 

Credit provisions went up 33 percent to P985 million from P741 million, driven by consumer loans.

 

Total assets increased by 20 percent to P184.7 billion from P153.8 billion.

 

Loans were up 21 percent to P123.8 billion from P102.0 billion in the same period last year, propelled by a 33 percent growth in consumer loans. Consumer loans totaled P70.1 billion from P52.7 billion ago, buoyed by a 59 percent growth in auto loans to P25.6 billion from P16.1 billion. Corporate loans grew by 9 percent to P53.7 billion.

 

Deposits expanded by 19 percent to P146.9 billion from P122.9 billion. 

 

Net interest income grew by 18 percent to P2.7 billion from P2.3 billion.

 

“Our major expansion phase has been completed and we now have the branch store footprint and IT infrastructure to better service our existing and new customers," CFO Rene de Borja Jr. said.
 

"Our just concluded stock rights offering raised our capital position by P8 billion which will allow us to continue our robust organic growth as we optimize our expansion related investments,” he added. – VS, GMA News