EastWest Bank, the lender owned by the Gotianun Group, on Monday posted a net profit of P4.6 billion last year, just one percent higher than the P4.51 billion in 2021 which included one-off items.
Excluding one-time gain, EastWest Bank said 2022 net income would have been 42 percent higher on the back of improved earnings capacity. Core revenues were up 12 percent to P28.1 billion.
Total assets stood at P421.4 billion, with the lender’s balance sheet structure shifting largely towards higher yielding consumer lending assets. Economic recovery last year boosted credit cards, business loans and salary loans, pushing total loans higher by 20 percent.
EastWest Bank saw total deposits at P329.2 billion with current account and savings account ratio improving to 79 percent from the previous year’s 75 percent.
“We accelerated our loan bookings in the second half across all lending products which improved our earning capacity back to pre-pandemic levels. We intend to exceed this in 2023, as we carry on the momentum from last year.”
EastWest Bank President Jackie Fernandez
Operating expenses rose 3 percent to P17 billion as the bank invested heavily to improve its digital services and prime it for faster digital innovations.
