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EastWest Bank earnings up 20% to P5.8 B
The Philippine Star
|November 01, 2024
EastWest Banking Corp. saw its net income jump by 20 percent to P5.8 billion in the first nine months on the back of higher income-generating capacity amid favorable securities trading in the third quarter.
The bank's net income also surged by 49 percent to P2.3 billion in the third quarter from the same period last year.
"Our September results reflect our sustained momentum across key segments. While we benefited from the trading environment, it's the strength of our core businesses that continues to drive our overall performance," EastWest CEO Jerry Ngo said in a statement.
Net revenues of the bank grew by 26 percent to P32.2 billion from January to September. The bank's net interest income rose by 23 percent to P25.1 billion, driven by the focus on consumer lending.
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