EAST WEST Banking Corp. (EastWest Bank) expects its credit card business to grow by double digits this year and continue to increase its market share following a strong first half, it said on Wednesday.

Revenues of the bank’s credit card business grew by 30% year on year to P5.5 billion in the first six months from P4.3 billion, it said in a statement. Its accounts receivables jumped by 35% to P61 billion, while total billings also rose 39% to P52 billion.

The lender’s credit cardholder base expanded by 17% year on year to 1.3 million as of end-June, it said. It expects this number to grow to 1.4 million by yearend.

EastWest Bank Senior Vice President and Credit Cards Business Head Aylwin Herminia P. Tamayo said it expects more young professionals to become financially literate and join the mass and affluent markets, which currently account for 30% and 20% of its consumer group, respectively.

The lender will be rolling out offers to attract this market segment in celebration of its 30th anniversary, she said.

“This reinforces our commitment to providing personalized and accessible financial solutions which now underpin our consumer lending services,” Ms. Tamayo said.

EastWest Bank booked a net income of P3.5 billion in the first half on the back of consistent core revenue growth from a bigger asset base and higher yields.

Its shares went up by nine centavos or 1% to end at P9.10 each on Wednesday. — AMCS

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