EastWest Bank’s net income grew strongly in 2017 on the back of broad expansion in its revenue streams, the bank reported on Thursday.
The bank’s profit expanded 48 percent in 2017 to P5.1 billion, up from the previous year’s P3.4 billion.
Core earnings, which exclude trading and nonrecurring revenues, reached P24.2 billion in 2017, up 21 percent from the 2016 level. This, as net-interest income grew 19.8 percent while fee-based income was up 29.2 percent.
The bank achieved the rise in income despite its higher operating expenses, which reached P13.9 billion, or 19.1 percent higher than the previous year’s.
Trading income was also down 16.6 percent at P760 million.
EastWest’s return on equity was at 13 percent, the highest reported among listed universal banks. Total assets went up by 8.8 percent.
“We are pleased to see the 48-percent increase in net income after 2016’s 70-percent increase. I am sure these results will only motivate our colleagues to continue to exert efforts to serve our customers better and show their deep appreciation for our customers’ continued trust and confidence in EastWest,” EastWest CEO Tony Moncupa said.
The bank’s loan portfolio was also up 10.7 percent to P220.1 billion, as consumer loans grew 17 percent to P160.3 billion. Consumer loans accounted for 71 percent of the bank’s total loans.
Total deposits went up 7.7 percent to P258.7 billion. Low-cost deposits grew 11.1 percent.