“Our ramping-up initiatives on our consumer lending portfolio that started last year are now showing results,” EastWest president Jackie Fernandez said in a statement.
“While we have surpassed our prepandemic peak loan levels this quarter, the work is not complete as we focus on optimizing our balance sheet structure to unlock more value,” she added.Fees and commissions were up by 70 percent to P2.3 billion while securities and foreign exchange trading income reached P403 million.Meanwhile, total deposits were flat at about P335 billion. Current account and savings account deposits, used by the bank for higher-yielding financing and investments, were up 6.
Its capital ratios stood at 14 percent and 13.2 percent in terms of capital adequacy ratio and common equity tier 1 ratio, both of which were above regulatory requirements.“Our first half results speak a lot about the hard work and dedication of the team on all fronts,” EastWest CEO Jerry Ngo said in the statement.
“And while we exceeded our prepandemic loan levels this quarter, we further managed to improve our funding mix which is key to maintaining our industry-leading margins,” he said. “We are also progressing steadily on our people and IT initiatives that will bring us to our next chapter of growth. We still have ways to go as far as profitability is concerned but our bigger and stronger asset base will get us there,” he added. INQSubscribe to our daily newsletter
Source: News Formal (newsformal.com)
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