Eastwest Banking Corp. on Monday said net profit in 2013 grew 13.2 percent to P2.1 billion as its branch expansion helped fuel double-digit growth in consumer loans and deposits.
In a disclosure to the Philippine Stock Exchange, the Gotianun-led bank said that despite a “challenging 2013 landscape”, the bank saw strong performance in its core businesses of loans and deposits.
EastWest said customer loans surged 32.1 percent to P95.6 billion last year, while consumer loans grew 29.4 percent to P48.9 billion, thanks to double-digit growth in its credit card, auto, mortgage and personal loan transactions.
Meanwhile, corporate loans stood at P46.7 billion at the end of 2013, up 35.1 percent from the previous year.
EastWest said its branch expansion helped in boosting total deposits, which grew 21.9 percent to reach P111.2 billion at the end of the year. Low-cost deposits increased by 27.9 percent and high-cost deposits by 14.4 percent.
EastWest opened 55 new branch stores in 2013 to end the year with 300. As of March 17 this year, the consolidated branch store network of EastWest Unibank and EastWest Rural Bank stood at 369.
The bank registered a net interest margin of 8.4 percent, the highest in its history, driven by its above-industry loan growth performance and enabling it to post net interest income growth of 37.9 percent year-on-year.
As of the end of 2013, EastWest said its total assets stood at P142.3 billion, up 17.2 percent from the previous year’s P121.4 billion.