Net revenues rose by 24 percent to P20.3 billion, thanks to a 28 percent increase in net interest income, which reached P16.6 billion, largely due to strong consumer lending that accounts for 82 percent of the bank’s loans.
Non-interest income also grew by 12 percent to P3.7 billion, mainly from a 19 percent increase in fees related to consumer loans.
Operating expenses increased by 22 percent to P11.6 billion, but faster revenue growth improved the cost-to-income ratio to 57 percent. EastWest’s total assets grew by 14 percent to P495.6 billion, with loans rising 15 percent to P314.1 billion and deposits up 11 percent to P371.4 billion.
