EastWest Bank net income grows 48% in 2017

East West Banking Corp. (EastWest Bank) booked a double-digit growth in its net income in 2017 on the back of the robust performance of its businesses.

In a disclosure to the local bourse on Thursday, the Gotianun-led EastWest Bank posted a P5.1-billion bottom line in 2017, 48% higher than the P3.4 billion logged the previous year.

The bank’s robust growth was supported by its core earnings, which grew to P24.2 billion by 21% from the figure booked in 2016, excluding trading and non-recurring revenues.

Broken down, EastWest Bank said its net interest income and fee-based income grew 19.8% and 29.2%, respectively.

However, its trading income slipped to P760 million by 16.6% from the P911.5 million recorded in 2016.

Total loans reached P220.1 billion by 10.7%. Its consumer loans, which accounts for 71% of total loans, grew 17% to P160.3 billion.

Total deposits, on the other hand, rose to P258.7 billion by 7.7%, as low-cost deposits grew 11.1%.

Overall, EastWest Bank’s net revenues reached P25.6 billion in 2017, up 17% year-on-year.

As of end-September 2017, EastWest Bank is the 13th largest commercial bank in the country in asset terms, latest data from the central bank showed. — Karl Angelo N. Vidal