EastWest Bank posts P6.1 billion in net income in 2023

Business.(Business File photo)

EastWest Bank (EW) logged a net income of P6.1 billion in 2023, representing a 32 percent increase from the previous year.

This growth has been driven primarily by robust consumer loan growth and strong deposit generation, with the bank’s return on equity reaching 9.5 percent.

EastWest also announced a cash dividend of P0.54 per share, totaling P1.2 billion.

This dividend will be distributed to stockholders of record as of May 17, 2024, with the payout scheduled for May 31.

This decision reflects the bank’s commitment to delivering value to its shareholders and its confidence in the bank’s continued financial health.

The bank’s net revenues surged by 26 percent to P35.7 billion, propelled by a 25 percent increase in its consumer lending portfolio, which now constitutes 80 percent of total loans, the highest proportion among its peers.

Total deposits grew by eight percent to P356.5 billion, largely due to a 12 percent increase in current account saving account deposits. / PR


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