EastWest net income up 42% in 2022

Gotianun-led East West Banking Corporation (EastWest Bank) is optimistic it will surpass its 42% growth in 2022 and exceed pre-pandemic asset levels this year, as the lender reported more loan bookings.

In an emailed statement, EastWest said its net income rose to P4.6 billion in the past year, excluding one-off items in 2021. Core revenues grew 12% to P28.1 billion.

“We accelerated our loan bookings in the second half across all lending products which improved our earning capacity back to pre-pandemic levels,” president Jacqueline Fernandez said.

“We intend to exceed this in 2023, as we carry on the momentum from last year,” she added.

The company said its loans grew by 20%, driven by its credit cards, business loans, and key salary loan segments. Deposits improved 79% to P329.2 billion.

“The full-year impact of our 2022 asset build-up will be felt this year on our core income performance. The growth momentum should improve this year as we exceed pre-pandemic asset levels this year,” newly appointed CEO Jerry Ngo said.

The bank’s total assets stood at P421.4 billion at the end of 2022, with the balance sheet shifting largely towards higher yielding consumer lending assets.

EastWest is a subsidiary of Filinvest Development Corporation, which also has businesses in real estate, hospitality and tourism, infrastructure power generation, and sugar.

Its subsidiaries include East West Rural Bank Inc., East West Insurance Brokerage Inc., East West Leasing and Finance Corporation, Quest Marketing and Integrated Services Inc., and Assurance Solutions Insurance Agency Inc.

Shares in the company closed last Friday, March 17, at P7.06 apiece, up by P0.18 or 2.62% from Thursday’s finish of P6.88 per share. — Jon Viktor D. Cabuenas/BM, GMA Integrated News