EastWest Banking Corp., the country’s 11th largest lender by assets and led by the Gotianun Group, on Tuesday reported steady expansion of its consumer lending activities and strategic digital initiatives and continued to deliver dividends, nudging first-quarter net income to P1.7 billion from P1.6 billion the year-earlier period.
It said consistent consumer lending expansion to start the year also contributed to a return on equity of 10 percent, 52 basis points higher than end-2023. Net revenue stood at P10 billion, up by 2 percent on higher net interest income.
Net interest income surged 34 percent to P8.2 billion due to EastWest Bank’s strategic emphasis on refined consumer lending strategies, which enhanced its lending processes, accounting for 81 percent of total loans and contributing to a net interest margin of 8.1 percent.
Non-interest income, which includes fee-based income, was up 8 percent to P1.2 billion.
Jacqueline Fernandez, president of EastWest Bank, said the first-quarter results “is a clear indicator of the strategic direction we’ve set—to be one of the top consumer banks in the country. By focusing on the needs of our customers, we are not just responding to the market—we’re shaping it,” she added.
The strategy, she noted, positions EastWest Bank as a formidable contender in the Philippine banking industry and propel it higher.
EastWest Bank Bank had total assets of P480.4 billion, loan receivables of P306.1 billion while total deposits stood at P356.6 billion.
EastWest Bank recently declared cash dividends amounting to P0.54 per share, payable on May 31, 2024, for stockholders on record as of May 17, 2024. The total cash dividend amount of around P1.2 billion is equivalent to 20 percent of the previous year’s net income and the third consecutive year the bank has declared cash dividends.
