EastWest income zooms by 60% to P3.75B
The income surge isn’t just a stroke of luck.
East West Banking Corp. said its net income jumped to P3.75 billion for the first nine months of 2017, 60% higher than the amount it made during the same period in 2016.
The bank owned by the bilyonaryo Gotianun Clan said recurring earnings rose by 24% to reach P18 billion, amid steady gains in net interest income and fee collections. This drove net revenues to P18.4 billion, while operating expenses grew at a slower 16% climb.
Consumer loans also surged by 29%, which accounted for 72% of the bank’s total loan book amounting to P216.3 billion. Deposits also surged by a fifth to P257.1 billion.
“We are happy to note that our higher income is mainly due to improving productivity and lower loan loss provisions,” EastWest Bank President Bobby Reyes said in a disclosure.
“Our third quarter results prove that we are on the right track. EastWest is a true retail bank whose strength lies in its core operations. As we had projected, we are enjoying the early fruits of our store network expansion which enabled us to generate more deposits, which in turn allowed us to fund more loans and enhance our profitability.”
EastWest expects full-year profits to reach P4.8 billion.