EastWest booked 32% profit growth to P6.1b in 2023

EASTWEST Bank of the Gotianun family said over the weekend it booked a net income of P6.1 billion in 2023, up by 32 percent from the 2022 level on robust consumer loan growth and strong deposit generation.“Our strategic focus on consumer lending has paid off with significant asset growth leading to a notable increase in our net income.

EastWest said the decision reflects the bank’s commitment to delivering value to its shareholders and its confidence in the bank’s continued financial health.Net revenues surged 26 percent in 2023 to P35.7 billion, propelled by a 25-percent growth in consumer lending portfolio, which now constitutes 80 percent of total loans, the highest proportion among its peers.

Non-interest income saw a 51-percent growth to P7.4 billion, including a significant contribution from fees and commission which climbed 26 percent to P4.8 billion. This strategic spending has improved the bank’s cost-to-income ratio to 56.9 percent, down from 60.2 percent the previous year, it said.

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