Consumer lending buoys EastWest Q1 profit

Photo from EastWest Bank/FACEBOOK

MANILA, Philippines – Strong consumer lending lifted the earnings of East West Banking Corp. (EastWest) in the first three months of the year by 6 percent to P1.8 billion.

The Gotianun-led bank disclosed to the stock exchange on Tuesday its revenues had jumped by 16 percent to P11.6 billion.

READ: EastWest bank income tops P7.6 billion in 2024

This was due to a 13-percent climb in net interest income to P9.3 billion. Consumer lending grew by 15 percent, with the segment now accounting for 84 percent of EastWest’s entire loan portfolio.

Meanwhile, operating expenses rose by 8.6 percent to P6.3 billion during the quarter, mostly due to manpower- and business-related costs.

As of end-March, EastWest’s assets stood at P531.2 billion, up by 11 percent.

The bank’s financial performance resulted in a return on equity of 10 percent.

“Our first quarter performance reflects the solid momentum we’ve built in expanding our consumer franchise,” EastWest president Jackie Fernandez said in their disclosure.

“We remain focused on driving profitability through disciplined growth and operational efficiency,” Fernandez added.