EASTWEST Banking Corp. (EW) recorded a strong 20 percent increase in net income, reaching P5.8 billion for the first nine months of 2024.
This growth was driven by the bank’s higher income-generating capacity, boosted by favorable securities trading in the third quarter.
Net income for the three months of the third quarter was P2.3 billion, jumping by 49 percent versus the same quarter last year.
EastWest’s net revenues surged 26 percent to P32.2 billion for the period, compared to the same period last year. Net interest income grew 23 percent to P25.1 billion, bolstered by the bank’s focus on consumer lending, which now accounts for 83 percent of its total loan portfolio.
This focus helped maintain a strong net interest margin (NIM) of 8.1 percent, well above the industry average.
Non-interest income jumped 39 percent to P7.1 billion, driven by fees related to consumer lending and other sources. Securities trading income, which amounted to P1.4 billion, also benefitted from the easing interest rate environment.
Excluding trading income, revenues still grew by a healthy 23 percent, reaching P30.8 billion. / PR