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June 24, 2024

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.