Third-quarter earnings alone surged 49 percent year-over-year to P2.3 billion. Net revenues increased by 26 percent to P32.2 billion, with net interest income climbing 23 percent to P25.1 billion, largely supported by a focus on consumer lending, which now comprises 83 percent of its loan portfolio.
Non-interest income rose 39 percent to P7.1 billion, with a notable P1.4 billion from securities trading gains due to easing interest rates.
Management’s view
“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,” Jerry G. Ngo, EastWest CEO, said in a statement on Wednesday.
Assets continued to expand
Operating expenses grew 23 percent to P17.9 billion, yet the cost-to-income ratio improved to 55 percent, reflecting efficiency gains.
The bank’s assets expanded by 12 percent to P497 billion, led by a 13 percent rise in loans and receivables, while current account savings account (CASA) deposits increased 10 percent, improving the CASA ratio to 79 percent.
EastWest’s capital ratios remained strong, with capital adequacy ratio at 13.7 percent and common equity tier 1 at 12.9 percent, well above regulatory requirements.
