East West Banking Corporation Reported P5.8 Billion in Net Income for 9M24, Up 20%

​EastWest Banking Corporation (EW) recorded a strong 20% increase in net income, reaching P5.8 billion for the first nine months of 2024. This growth was driven by the Bank’s higher income-generating capacity, boosted by favorable securities trading in the third quarter. Net income for the three months of the third quarter was P2.3 billion, jumping by 49% vs. the same quarter last year. “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 Jerry G. Ngo, EastWest Chief Executive Officer. 

EastWest’s net revenues surged 26% to P32.2 billion for the period, compared to the same period last year. Net interest income grew 23% to P25.1 billion, bolstered by the Bank’s focus on consumer lending, which now accounts for 83% of its total loan portfolio. This focus helped maintain a strong net interest margin (NIM) of 8.1%, well above the industry average. Non-interest income jumped 39% to P7.1 billion, driven by fees related to consumer lending and other sources. Securities trading income, which amounted to P1.4 billion, also benefitted from the easing interest rate environment. Excluding trading income, revenues still grew by a healthy 23%, reaching P30.8 billion.

Operating expenses increased by 23% to P17.9 billion, aligned with the Bank’s growing business. Despite this rise, the cost-to-income ratio improved to 55%, demonstrating the Bank's operational efficiency amidst revenue growth. EastWest’s total assets rose by 12% to P497.0 billion, with loans and receivables increasing by 13% to P321.3 billion, led by a strong 17% growth in consumer loans. Personal loans grew by 52%, credit card loans by 35%, and auto loans by 11%. Deposit growth, particularly from CASA deposits, also saw a 10% rise to P371.0 billion, with a CASA ratio improvement to 79%. Capital ratios, meanwhile, remain at a healthy 13.7% and 12.9% for Capital Adequacy Ratio (CAR) and Common Equity Tier 1 (CET1) ratio respectively, well above the regulatory requirements.

As part of its 30th anniversary, EastWest unveiled its new mobile banking app, EasyWay, designed to simplify banking with modern features aimed at enhancing customer convenience. The app launch demonstrates EastWest’s focus on delivering innovative solutions to meet the evolving needs of its customers. “We are proud to launch EasyWay as part of our commitment to continuously improve our customer experience,” added Ngo. “This is just the beginning of the many exciting developments we have in store as we enhance both our digital and physical channels.”

This launch follows a series of industry recognitions that highlight EastWest’s excellence across key business areas. EastWest Priority Banking was recognized with the 2024 Best Priority Experience award from International Finance Magazine (IFM) and named Best Wealth Manager by The Asset, along with Best Private Bank accolades from the International Investor Awards and Global Finance.

The Bank’s lending operations excelled, receiving the 2024 Best Consumer Loan Experience award from IFM for its Personal Loans. Meanwhile, EastWest Platinum Visa was honored as the Best Credit Card for Cashback by The Asian Banker, and the innovative EastWest System Tech Assistant (ESTA) earned the Mobile Banking Initiative Award from Asian Banking and Finance.

“With three decades in the industry, we remain focused on innovation and continuous improvement to provide exceptional service to our customers,” concluded Ngo. “These recognitions inspire us to reach even greater heights, driving forward with new solutions that empower our clients, support their goals, and bring their dreams closer to reality.” 

East West Banking Corporation (EastWest) is a Filipino-owned universal bank. EastWest 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 power generation, and sugar. It is not affiliated with any foreign financial institution which may bear the same name.