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September 22, 2023

EastWest Bank’s H1 profits more than double driven by lending growth

EastWest Bank’s first-half profit more than doubled to P3.3 billion, driven by robust lending growth, with net revenues reaching P16.3 billion and net interest income rising by 18 percent to P13 billion as the bank’s consumer lending expansion restored core earnings to pre-pandemic levels.

The bank’s consumer lending portfolio saw a 27 percent growth led by credit cards, auto loans, and key salary loans.

Non-interest income also doubled to P3.3 billion, largely due to a surge in fees and commissions, while securities and foreign exchange trading contributed P403 million to revenue growth.

The bank’s capital adequacy ratio was at 14 percent, and its common equity tier 1 ratio was at 13.2 percent, well above regulatory requirements.


UnionBank gets BSP nod, becomes first and only PH universal bank to offer mobile crypto trading

Proving its status anew as an industry trailblazer, Union Bank of the Philippines (UnionBank) recently achieved another first in the industry after securing a Certificate of Authority from the Bangko Sentral ng Pilipinas (BSP) to operate as a virtual asset service provider (VASP), making it the first and only universal bank in the Philippines to offer virtual asset exchange services.

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Maya sweeps banking awards

Fintech firm Maya, a pioneer in digital banking in the Philippines, secures three prestigious awards, including Virtual Bank of the Year, reflecting its commitment to financial inclusion and innovation in the digital banking sector.

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HSBC Philippines CEO Sses bright future for the country

Sandeep Uppal, President and CEO of HSBC Philippines, sees a bright future for the country, citing its welcoming nature, rich history, and potential in sustainable finance and renewable energy investments, while emphasizing the importance of work-life balance and long-term career planning.

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