EAST WEST Banking Corp. (EastWest Bank) booked a net income of P1.7 billion in the first quarter, spurred by consumer lending expansion and digital initiatives.

This translated to a return on equity of 10%, the lender said in a statement. It did not provide a financial statement and comparative figures.

EastWest Bank posted a net income of P1.6 billion in the first quarter of last year, based on an old statement separately sent by the bank.

Net interest income grew by 34% to P8.2 billion, it said.

“This growth is largely attributed to the bank’s strategic emphasis on refined consumer lending strategies, which enhanced its lending processes, accounting for 81% of total loans and contributing to a net interest margin of 8.1%,” EastWest Bank said.

Noninterest income increased by 9% to P1.8 billion, in line with banking transaction growth. Net revenue rose by 28% to P10 billion.

Meanwhile, operating expenses grew by 22% to P5.8 billion due to manpower and business-related expenses to expand the bank’s balance sheet as well as investments in technology, it said.

EastWest Bank shares went up by 2.16% or 20 centavos to close at P9.44 each. — Aaron Michael C. Sy

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