EastWest Bank Posts Record-High Net Income of P7.6 Billion in 2024

East West Banking Corporation (EastWest) achieved a historic milestone in 2024, posting its highest-ever net income of P7.6 billion, a 25% 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%, 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% year-on-year (YoY), driven by its higher revenue-generating capacity.

“EastWest’s strong financial performance is a result of our consistent drive for operational efficiency and customercentric 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 the quality of service we provide.”

EastWest’s net interest income climbed 19% to P33.5 billion, fueled by 16% growth in its consumer lending portfolio, which now comprises 82% of total loans, the highest among peer banks. Deposits expanded 8% to P385.4 billion, maintaining a CASA ratio of 81%, among the highest in the industry. This solid funding base enabled EastWest to achieve an industry-leading net interest margin (NIM) of 7.8%.

Non-interest income likewise rose 20% to P8.9 billion, driven by increased transaction fees and trading gains. As a result, total revenues rose 19% 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%, 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% as the Bank continues to improve its operational efficiency.

Total assets surpassed the half-a-trillion mark, growing 13% to P523.7 billion, a significant milestone as EastWest celebrates its 30th Anniversary. Loans and receivables expanded 13% to P336.0 billion, led by 38% growth in credit cards, 17% in personal and salary loans, and 5% in auto loans.

Capital ratios remain strong and supportive of future growth, with CAR at 13.4% and CET1 ratio at 12.7%, 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. 

The Bank’s strong performance and dedication to excellence were recognized with multiple industry awards, including Best Private Bank (Global Finance), Best Wealth Manager (The Asset), and Most Innovative Forex Broker (International Finance), among others. 

“Our strategic direction is clear—we are committed to scaling our consumer banking business, deepening customer relationships, and accelerating digital transformation,” said EastWest CEO Jerry G. Ngo. “With a strong foundation, robust capital position, and market-leading margins, we are well-positioned to capitalize on growth opportunities. We will continue investing in technology, expanding our customer base, and strengthening our product offerings to sustain our momentum in the years ahead. The future is bright, and we are ready to go further.”

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.