EastWest Bank Posts 32%-Surged Net Income of PHP6.1 Billion in 2023

EastWest Bank (EW) of the Gotianuns achieved another milestone as it closed 2023 with a net income of PHP 6.1 billion, marking a 32 percent surge compared to 2022.

EastWest's strategic focus on consumer lending has paid off with significant asset growth leading to a notable increase in the bank’s net income. I Photo: RamaGaspar Wikimedia Commons

The bank disclosed to the Philippine Stock Exchange (PSE) that this significant accomplishment has been driven primarily by robust consumer loan growth and strong deposit generation, with the bank's return on equity (ROE) reaching 9.5%.

Jackie S. Fernandez, President of EastWest, underscored that their strategic focus on consumer lending has paid off with significant asset growth leading to a notable increase in the bank’s net income.

“We have effectively reversed the decline from the past two years and are resuming our trajectory towards becoming a top consumer bank in the Philippines,” Fernandez declared.

She also noted that the bank’s net revenues surged by 26% to PHP35.7 billion, propelled by a 25% increase in its consumer lending portfolio, which now constitutes 80% of total loans.

The bank further reported that its total deposits grew by 8% to PHP356.5 billion, largely due to a 12% increase in CASA deposits.

Total assets grew by 10% to PHP464.2 billion, and total loans and receivables expanded by 15% to PHP296.6 billion.

Jerry G. Ngo, CEO of EastWest, commented, “We have started 2024 with strong momentum, but our journey towards becoming a top consumer bank in the Philippines is ongoing. We are committed to facing upcoming challenges and seizing opportunities for further growth with constant determination.”

Jonathan T. Gotianun, Chairman of EastWest, added, “As we prepare to celebrate our 30th anniversary, EastWest remains steadfast in our journey, striving to go even further for our customers in order for them to achieve their dreams. This milestone, symbolized by the pearl, represents the wisdom and resilience we have cultivated over three decades.”

Meanwhile, EastWest received awards for Best Private Bank and Best Priority Banking Experience for EastWest Priority, along with recognition for innovative digital banking services for Komo.

The bank also garnered the Best Credit Card Award from the Asian Banker for its EastWest JCB Card and Best Foreign Exchange Broker from International Finance Magazine.