March 06, 2017

EastWest Bank nets P3.4b in 2016, up 70% YoY

In a disclosure to the Exchange, EastWest Bank (EW) reported that its 2016 net income reached P3.4b, up 70% YoY, while its core income grew 25% YoY.

Total assets expanded 25% to P292b, driven by the 29% loan growth to P202b. The latter was, in turn, supported by the 51% growth of its consumer loans.

Total deposits went up 30% to P240b, driven by a 38% increase in low-cost deposits. EW’s net interest margin dipped to 7.7% last year from 8.0% in 2015, but remained the highest among universal and commercial banks, as EW’s consumer lending portfolio continued to account for more than half of total loans.

Net revenues increased by 34% to P22b, outpacing the 21% growth in operating expenses to P12b.

The bank, including its rural bank subsidiary, now has 445 branches nationwide.