EAST West Banking Corp. (PSE: EW) announced having posted a net income of P4.9 billion in the first nine months of 2023, exceeding the full year net income of 2022.
Comparing against the same period last year, net income was higher by 60 percent from P3.0 billion, as revenues increased by 26 percent to P25.6 billion, driven mostly by the growth of its consumer lending portfolio (CLP).
Its CLP accounts for 79 percent of total loans and grew by 26 percent led by credit cards, auto, salary and personal loan segments.
This was supported by stable funding sources as total deposits grew by 6 percent to P338.0 billion, almost entirely from CASA deposits.
This allowed the bank to sustain its net interest margin expansion to 7.7 percent.
