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March 05, 2024

EastWest Bank net income declines 44.1 percent

EastWest Bank net income went down by 44.1 percent to P3 billion compared to the same period last year, mainly due to lower trading revenues.

In the third quarter, the bank’s net income went up by 17 percent to P1.5 billion, compared to P1.3 billion in the same quarter last year, solely driven by gains in loans and fixed-income securities.

Meanwhile, core revenues excluding trading income hit P20.4 billion as of end-September, up 4 percent from 19.5 billion registered in 2021. Return on equity was at 6.8 percent.

The bank’s total assets were higher by 2 percent to P405.2 billion year on year. Loans went up by 10 percent, with consumer loans and business loans bringing the increase by 11 percent and 6 percent, respectively. Fixed-income securities also gained by 72 percent.