EastWest Banking Corp. posted record-high net income of P7.6 billion for 2024, a 25 percent increase over the year prior. The increase reflects the bank’s robust performance across consumer lending, deposit generation, and operational efficiency, with a particularly strong 47 percent surge in net income in the fourth quarter.
Driving the growth was EastWest’s 16 percent increase in consumer lending, now representing 82 percent of the bank’s loan portfolio, one of the highest ratios in the industry. This contributed to a 19 percent rise in net interest income, reaching P33.5 billion. Deposits grew by 8 percent, totaling P385.4 billion, with the bank maintaining a cost-effective CASA ratio of 81 percent. EastWest also achieved an industry-leading net interest margin of 7.8 percent.
Total revenue for 2024 climbed 19 percent to P42.4 billion, fueled by a 20 percent increase in non-interest income, largely driven by transaction fees and trading gains. Total assets grew by 13 percent to P523.7 billion, supported by a diverse portfolio of personal loans, auto loans, and credit card receivables.
Operational expenses rose 16 percent to P23.5 billion, reflecting strategic investments in talent, IT infrastructure, and lending activities. The bank’s cost-to-income ratio improved to 55.3 percent, showcasing its ongoing efforts to boost efficiency and profitability.
EastWest’s successful digital transformation was also a key factor, with the launch of the EasyWay platform and enhancements to its Komo digital channel. The bank’s AI-driven chatbot ESTA further boosted customer engagement, signaling its commitment to technological innovation.
The bank’s stellar performance has garnered industry recognition, including awards such as Best Private Bank from Global Finance and Best Wealth Manager from The Asset. With a capital adequacy ratio of 13.4 percent and a CET1 ratio of 12.7 percent, EastWest is well-positioned for sustained growth in the years ahead, focused on expanding its customer base and digital capabilities.
“We are confident that our strategic focus on consumer banking, digital transformation, and operational efficiency will continue to deliver value for our customers and shareholders,” said Jerry G. Ngo, EastWest CEO.
