EastWest Banking Corporation (EW) announced on Wednesday a robust 20 percent increase in net income, reaching P5.8 billion in the first nine months of 2024, driven by a favorable securities trading environment and strong core business performance. The bank’s third-quarter net income soared 49 percent year-on-year to P2.3 billion, reflecting sustained momentum across key segments. “Our September results reflect our sustained momentum across key segments,” said Jerry G. Ngo, EastWest Bank CEO.
The bank’s net revenue surged 26 percent to P32.2 billion, with net interest income rising 23 percent to P25.1 billion, bolstered by a focus on consumer lending, which constitutes 83 percent of its loan portfolio. Non-interest income also saw a significant increase, jumping 39 percent to P7.1 billion. Operating expenses grew by 23 percent to P17.9 billion, but the cost-to-income ratio improved to 55 percent, highlighting operational efficiency.
As EastWest celebrates its 30th anniversary, it launched the new mobile banking app, EasyWay, aimed at enhancing customer experience. The bank has also received multiple industry accolades, including the 2024 Best Priority Experience and Best Wealth Manager awards, underscoring its commitment to innovation and exceptional service.
“With three decades in the industry, we remain focused on innovation and continuous improvement,” Ngo said, emphasizing the bank’s dedication to empowering clients.
