May 08, 2013

East West Bank’s net profit up 60% in Q1

East West Bank grew its first quarter net profit by 60% to P735 M from a year ago on higher interest margins alongside a surge in fee-based and trading income.

Consumer loans accounted for more than half of the loan portfolio at 55%. The bank reported that a strong growth in consumer lending and low-cost funds resulted in further improvement in the net interest margin (NIM) to 8% in the first quarter.

This NIM level is more than twice the industry average of less than 4%. Trading income increased by P777 M to end at P1 B. - WealthSec