Photo from EastWest Banking Corp./FACEBOOK
MANILA, Philippines — East West Banking Corp. saw its first-half net income fall 17 percent to P3.4 billion as higher provisions for credit losses offset strong revenue growth.
The Gotianun-led bank said increased buffers for probable losses, amid macroeconomic and geopolitical uncertainties, weighed on earnings. Net revenues rose 19 percent to P28.4 billion, driven by a 21-percent increase in net interest income to P23.1 billion and a 14-percent rise in non-interest income to P5.3 billion.
READ: EastWest Bank sustains dividend payouts, braces for tougher environment
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