EastWest Bank optimistic on income prospects

EAST WEST Banking Corp. (EastWest Bank) is optimistic that it can post another record net income this year, backed by “healthy” asset and margin growth as its consumer business remains strong.

-  K.K. Chan

“We continue to sustain our net income trajectory, likely to beat last year’s for another strong performance. Hopefully more,” EastWest Bank Chief Executive Officer Jerry G. Ngo said in a presentation during the Philippine Stock Exchange’s Investor Day held virtually on Wednesday.

“We have enough room to leverage on our existing balance sheet while maintaining above regulatory capital levels. Our profitable trajectory is on track, and with a measured approach in terms of growth of business that will optimize our returns and capital accretion,” he said.

EastWest Bank’s net income grew by 25% year on year to an all-time high of P7.6 billion in 2024.

It booked attributable net earnings of P2.3 billion in the second quarter, bringing its first-semester profit to P4.13 billion, rising from P3.49 billion in the comparable year-ago period.

Mr. Ngo said EastWest Bank is “well-placed to thrive in a sustained consumption-led economy that is benefiting from the demographic dividends of the Philippines,” noting that it is “the most consumer-centric” among universal banks in the country.

The bank’s consumer loans grew by 15% year on year in the first half to P298 billion, making up 84% of its total loan portfolio.