DESPITE the recovery of the Philippine economy from the global slowdown, the Gotianun-led EastWest Banking Corp. is expected to post “flattish” net income growth this year.
“Net income for 2022 is expected at P4.5 billion with the fourth quarter at P1.5 billion or P6 billion on an annualized basis,” EastWest Bank President Jacqueline S. Fernandez said. “While the income level is expected to be flattish, unlike 2021 when quarterly income was on a decreasing trend due to loan run-offs this year, income is on the uptrend as the Bank started to recover lost loan volumes and has rebuilt its fixed income portfolios.
“The bank is monitoring macroeconomic developments and remains cautiously optimistic that the economic backdrop will continue to be supportive of its growth plans,” Fernandez said. Total loans increased by 10 percent with consumer loans and business loans increasing by 11 percent and 6 percent, respectively. Fixed income securities were higher by 72 percent.
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