East West Banking Corp. (EastWest) reported a significant increase in its net profit for the first quarter, tripling to P1.578 billion compared to P507.558 million in the same period last year, driven by higher income from loans and improved return on equity and assets.
The bank attributes its strong performance to the country’s economic recovery and its decision to accelerate lending activities.
The bank’s core revenues grew by 26 percent, while net interest income rose by 17.27 percent to P6.11 billion and fee income surged by 71.31 percent.
EastWest Bank Chief Executive Officer Jerry G. Ngo said that the bank will focus on higher earning assets and expects to maintain momentum despite potential challenges in funding costs and a possible US recession.
He also said that EastWest remains optimistic about its performance going forward, emphasizing its consumer-centric business model and strategic resource allocation.