EastWest made remarkable progress once again, announcing its financial results for 2023 and highlighting a strong performance with a net income of P6.1 billion, representing a 32% increase from the previous year. This growth 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, commented on the results, "Our strategic focus on consumer lending has paid off with significant asset growth leading to a notable increase in our 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."

In recognition of the strong financial results and to share the success with its shareholders, EastWest is pleased to announce a cash dividend of Php0.54 per share, totaling Php1.2 billion. This dividend will be distributed to stockholders of record as of May 17, 2024, with the payout scheduled for May 31, 2024. This decision reflects the bank's commitment to delivering value to its shareholders and its confidence in the bank’s continued financial health. 

The bank’s net revenues surged by 26% to P35.7 billion, propelled by a 25% increase in its consumer lending portfolio, which now constitutes 80% of total loans, the highest proportion among its peers. Total deposits grew by 8% to P356.5 billion, largely due to a 12% increase in CASA deposits.

Non-interest income saw a remarkable increase of 51%, amounting to P7.4 billion. This includes a significant contribution from fees and commission, which rose by 26% to P4.8 billion, aligning with the growth in banking transactions tied to lending activities.

EastWest became more aggressive in investing in manpower and technology to expand capacity and enhance efficiency. This led to a 19% increase in its operating expenses, totaling P20.3 billion. This strategic spending contributed to the Bank’s better cost-to-income ratio to 56.9%, down from 60.2% the previous year.

Total assets have grown by 10% to P464.2 billion, and total loans and receivables have expanded by 15% to P296.6 billion, supported by strong consumer demand. Capital adequacy remains robust with Capital Adequacy Ratio (CAR) and Common Equity Tier 1 (CET1) ratio at 13.8% and 13.0% respectively, well above regulatory requirements.

EastWest also received significant accolades from respected industry publications and organizations, underscoring its commitment to excellence and superior customer service. Highlights include 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 received the Best Credit Card Award from the Asian Banker for its EastWest JCB Card, and Best Foreign Exchange Broker from International Finance Magazine.

Jerry G. Ngo, CEO of EastWest, reflects on the year's achievements and the path ahead, "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 face upcoming challenges and seize opportunities for further growth with constant determination." 

"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," added Jonathan T. Gotianun, Chairman of EastWest. 

"Our unique blend of Eastern values of collaboration and Western innovation has propelled us into a future where we continue to serve and grow with our customers. As we honor our past, we embrace the promise of evolution for excellence, ensuring that EastWest remains a pillar of strength and reliability for all our stakeholders. This anniversary is not just about looking back at our achievements but also forward to the new opportunities that lie ahead, as we continue to prioritize our customers’ goals and aspirations as our main motivation, embodying our dedication to “Your dream, our focus.”