Eastwest logs P1.7B net income in first quarter

Business.
Business.(Business File photo)

EASTWEST Bank (EW) sustained its momentum, posting a P1.7 billion net income in the first three months of 2024, backed by its consistent consumer lending expansion and strategic digital initiatives.

Net revenues stood at P10 billion, up by 28 percent from the same period last year, driven by net interest income growth of 34 percent to P8.2 billion.

This growth is largely attributed to the 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.

Meanwhile, non-interest income was at P1.8 billion, up nine percent in line with banking transaction growth. / PR

Trending

No stories found.

Just in

No stories found.

Branded Content

No stories found.
SunStar Publishing Inc.
www.sunstar.com.ph