EastWest Bank

EastWest Bank's net profit rose 81.1% yoy to PHP 1,826 mil in 3Q2019

By Helgi Analytics - February 20, 2020

EastWest Bank made a net profit of PHP 1,826 mil under revenues of PHP 7,637 mil in the third quarter of 2019, up 81.1% and 1...

EastWest Bank's net interest margin fell 4.26% yoy to 5.66% in 3Q2019

By Helgi Analytics - February 21, 2020

EastWest Bank's net interest margin amounted to 5.66% in the third quarter of 2019, up from 5.24% when compared to the previous ...

EastWest Bank's share price (end of period) fell 5.54% yoy to PHP 11.9 in 3Q2019

By Helgi Analytics - February 20, 2020

EastWest Bank stock traded at PHP 11.9 per share at the end of third quarter of 2019 implying a market capitalization of USD 518 mil. O...

Profit Statement 2016 2017 2018
Net Interest Income PHP mil 15,406 18,455 19,281
Net Fee Income PHP mil 110 781 -47.0
Other Income PHP mil 6,390 6,598 6,337
Total Revenues PHP mil 21,905 25,834 25,571
Operating Profit PHP mil 14,249 16,532 15,427
Provisions PHP mil 5,692 4,464 3,906
Net Profit PHP mil 3,408 5,227 4,622
Balance Sheet 2016 2017 2018
Interbank Loans PHP mil 14,473 21,751 16,096
Customer Loans PHP mil 195,225 220,135 245,870
Debt Securities PHP mil 17,097 14,613 42,019
Total Assets PHP mil 291,818 317,643 367,339
Shareholders' Equity PHP mil 34,449 39,006 42,657
Interbank Borrowing PHP mil 2,195 4,160 17,970
Customer Deposits PHP mil 240,222 258,726 288,240
Issued Debt Securities PHP mil 4,969 6,211 6,214
Ratios 2016 2017 2018
ROE % 10.3 14.2 11.3
ROA % 1.30 1.72 1.35
Costs (As % Of Assets) % 2.92 3.05 2.96
Costs (As % Of Income) % 35.0 36.0 39.7
Capital Adequacy Ratio % 13.4 14.0 12.8
Net Interest Margin % 5.87 6.06 5.63
Loans (As % Of Deposits) % 81.3 85.1 85.3
NPLs (As % Of Loans) % 2.25 1.53 2.85
Provisions (As % Of NPLs) % 145 183 101
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 561 959 511
Share Price (End Of Period) PHP 12.4 21.3 11.9
Price/Earnings (P/E) 8.08 9.17 5.79
Price/Book Value (P/BV) 0.807 1.23 0.628
Dividend Yield % 1.46 1.04 0
Earnings Per Share (EPS) PHP 1.53 2.32 2.05
Book Value Per Share PHP 15.3 17.3 19.0
Dividend Per Share PHP 0.180 0.222 0

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summary Unit 2011 2012 2013 2014 2015 2016 2017 2018
income statement                
Net Interest Income PHP mil   6,087 8,316 10,048 12,347 15,406    
Total Revenues PHP mil   9,498 12,574 14,410 16,096 21,905    
Operating Profit PHP mil   3,990 8,107 8,518 9,670 14,249    
Net Profit PHP mil   1,817 2,056 2,073 2,004 3,408    
balance sheet                
Interbank Loans PHP mil   2,221 4,868 6,474 13,100 14,473    
Customer Loans PHP mil   69,231 91,633 115,003 152,273 195,225    
Debt Securities PHP mil   14,829 12,047 19,905 15,893 17,097    
Total Assets PHP mil   121,403 142,299 188,263 232,856 291,818    
Shareholders' Equity PHP mil   17,321 19,392 21,448 31,403 34,449    
Interbank Borrowing PHP mil   5,571 3,289 5,318 3,074 2,195    
Customer Deposits PHP mil   91,209 111,176 147,687 184,144 240,222    
Issued Debt Securities PHP mil   2,864 2,863 6,464 6,467 4,969    
ratios                
ROE % ... 12.7 11.2 10.2 7.58 10.3    
ROA % ... 1.67 1.56 1.25 0.952 1.30    
Costs (As % Of Assets) % ... 5.07 3.39 3.57 3.05 2.92    
Costs (As % Of Income) %   58.0 35.5 40.9 39.9 35.0    
Capital Adequacy Ratio %   17.4 17.0 13.1 15.6 13.4    
Net Interest Margin % ... 5.60 6.31 6.08 5.86 5.87    
Interest Income (As % Of Revenues) %   64.1 66.1 69.7 76.7 70.3    
Fee Income (As % Of Revenues) %   -1.01 -1.26 2.15 0.057 0.503    
Equity (As % Of Assets) %   14.3 13.6 11.4 13.5 11.8    
Loans (As % Of Deposits) %   75.9 82.4 77.9 82.7 81.3    
Loans (As % Assets) %   57.0 64.4 61.1 65.4 66.9    
NPLs (As % Of Loans) %   2.64 2.67 3.08 2.95 2.25    
Provisions (As % Of NPLs) %   246 181 104 102 145    
valuation                
Market Capitalisation (End Of Period) USD mil ... 797 618 604 606 561    
Number Of Shares (Average) mil   1,593 1,743 1,743 2,081 2,250    
Share Price (End Of Period) PHP ... 18.8 15.7 15.5 12.6 12.4    
Earnings Per Share (EPS) PHP   1.14 1.18 1.09 0.944 1.53    
Book Value Per Share PHP   10.9 11.1 12.3 15.1 15.3    
Dividend Per Share PHP   0 0 0 0 0.180    
Price/Earnings (P/E) ... 16.5 13.4 14.3 13.4 8.08    
Price/Book Value (P/BV) ... 1.73 1.41 1.26 0.837 0.807    
Dividend Yield % ... 0 0 0 0 1.46    
Earnings Per Share Growth % ... -30.2 3.40 -7.92 -13.0 62.0    
Book Value Per Share Growth % ... 2.85 2.33 10.6 22.6 1.46    
income statement Unit 2011 2012 2013 2014 2015 2016 2017 2018
income statement                
Interest Income PHP mil   7,815 9,779 11,689 14,614 18,224    
Interest Cost PHP mil   1,728 1,463 1,641 2,267 2,818    
Net Interest Income PHP mil   6,087 8,316 10,048 12,347 15,406    
Net Fee Income PHP mil   -95.6 -159 310 9.15 110    
Other Income PHP mil   3,507 4,417 4,052 3,740 6,390    
Total Revenues PHP mil   9,498 12,574 14,410 16,096 21,905    
Depreciation PHP mil ... ... ... ... ... 672    
Operating Cost PHP mil   5,508 4,467 5,893 6,426 7,656    
Operating Profit PHP mil   3,990 8,107 8,518 9,670 14,249    
Provisions PHP mil   0 3,098 3,311 3,899 5,692    
Extra and Other Cost PHP mil   1,998 2,735 2,569 3,108 4,415    
Pre-Tax Profit PHP mil   1,992 2,274 2,637 2,663 4,142    
Tax PHP mil   176 219 564 659 734    
Minorities PHP mil   -1.03 0.165 0 0 0    
Net Profit PHP mil   1,817 2,056 2,073 2,004 3,408    
Dividends PHP mil   0 0 0 0 405    
growth rates                
Net Interest Income Growth % ... 23.9 36.6 20.8 22.9 24.8    
Net Fee Income Growth % ... -176 66.0 -296 -97.1 1,103    
Total Revenue Growth % ... 29.0 32.4 14.6 11.7 36.1    
Operating Cost Growth % ... 45.6 -18.9 31.9 9.05 19.1    
Operating Profit Growth % ... 11.5 103 5.06 13.5 47.3    
Pre-Tax Profit Growth % ... -5.57 14.2 16.0 0.980 55.5    
Net Profit Growth % ... 4.99 13.1 0.866 -3.35 70.1    
market share                
Market Share in Revenues %   2.78 3.18 3.52 3.79 4.50   ...
Market Share in Net Profit %   1.79 1.71 1.78 1.74 2.69   ...
Market Share in Branches %   2.81 ... ... ... ... ... ...
balance sheet Unit 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                
Cash PHP mil   25,090 22,422 29,122 36,808 45,967    
Interbank Loans PHP mil   2,221 4,868 6,474 13,100 14,473    
Customer Loans PHP mil   69,231 91,633 115,003 152,273 195,225    
Debt Securities PHP mil   14,829 12,047 19,905 15,893 17,097    
Fixed Assets PHP mil   2,741 3,453 3,513 3,523 3,392    
Intangible Assets PHP mil   3,400 3,656 4,425 4,447 6,946    
Goodwill PHP mil   1,317 1,317 1,317 1,317 3,741    
Total Assets PHP mil   121,403 142,299 188,263 232,856 291,818    
Shareholders' Equity PHP mil   17,321 19,392 21,448 31,403 34,449    
Of Which Minority Interest PHP mil   13.6 6.62 0 0 0    
Liabilities PHP mil   104,082 122,906 166,815 201,454 257,368    
Interbank Borrowing PHP mil   5,571 3,289 5,318 3,074 2,195    
Customer Deposits PHP mil   91,209 111,176 147,687 184,144 240,222    
Sight Deposits PHP mil   34,129 39,569 45,357 55,538 70,302    
Term Deposits PHP mil   55,556 66,141 94,297 120,572 161,884    
Issued Debt Securities PHP mil   2,864 2,863 6,464 6,467 4,969    
Subordinated Debt PHP mil   2,864 2,863 6,464 6,467 4,969    
Other Liabilities PHP mil   4,439 5,579 7,346 7,770 9,983    
asset quality                
Non-Performing Loans PHP mil   1,952 2,568 3,657 4,635 4,544    
Gross Loans PHP mil   74,030 96,272 118,814 157,010 201,798    
Total Provisions PHP mil   4,799 4,639 3,811 4,737 6,573    
growth rates                
Customer Loan Growth % ... 49.4 32.4 25.5 32.4 28.2    
Total Asset Growth % ... 26.5 17.2 32.3 23.7 25.3    
Shareholders' Equity Growth % ... 54.3 12.0 10.6 46.4 9.70    
Customer Deposit Growth % ... 19.0 21.9 32.8 24.7 30.5    
market share                
Market Share in Customer Loans %   2.02 2.24 2.25 2.63 2.88   ...
Market Share in Total Assets %   1.79 1.66 1.92 2.17 2.39   ...
Market Share in Customer Deposits %   1.96 1.84 2.17 2.46 2.74   ...
ratios Unit 2011 2012 2013 2014 2015 2016 2017 2018
ratios                
ROE % ... 12.7 11.2 10.2 7.58 10.3    
ROA % ... 1.67 1.56 1.25 0.952 1.30    
Costs (As % Of Assets) % ... 5.07 3.39 3.57 3.05 2.92    
Costs (As % Of Income) %   58.0 35.5 40.9 39.9 35.0    
Capital Adequacy Ratio %   17.4 17.0 13.1 15.6 13.4    
Tier 1 Ratio % ... 14.0 13.8 9.34 12.4 10.4    
Net Interest Margin % ... 5.60 6.31 6.08 5.86 5.87    
Interest Spread % ... 5.36 6.13 5.94 5.71 5.72    
Asset Yield % ... 7.19 7.42 7.07 6.94 6.95    
Cost Of Liabilities % ... 1.83 1.29 1.13 1.23 1.23    
Payout Ratio %   0 0 0 0 11.9    
Interest Income (As % Of Revenues) %   64.1 66.1 69.7 76.7 70.3    
Fee Income (As % Of Revenues) %   -1.01 -1.26 2.15 0.057 0.503    
Other Income (As % Of Revenues) %   36.9 35.1 28.1 23.2 29.2    
Equity (As % Of Assets) %   14.3 13.6 11.4 13.5 11.8    
Loans (As % Of Deposits) %   75.9 82.4 77.9 82.7 81.3    
Loans (As % Assets) %   57.0 64.4 61.1 65.4 66.9    
NPLs (As % Of Loans) %   2.64 2.67 3.08 2.95 2.25    
Provisions (As % Of NPLs) %   246 181 104 102 145    
Provisions (As % Of Loans) %   6.93 5.06 3.31 3.11 3.37    
Cost of Provisions (As % Of Loans) % ... 0 3.85 3.21 2.92 3.28    
other data Unit 2011 2012 2013 2014 2015 2016 2017 2018
other data                
Branches   245 347 358 433 387    
Employees   3,700 4,305 4,714 5,168 5,546    
ATMs ... ... ... ... ... 580    
Sight (As % Of Customer Deposits) %   37.4 35.6 30.7 30.2 29.3    
Risk-Weighted Assets PHP mil   103,361 120,725 160,010 195,698 236,862    
Return on Loans % ... 3.15 2.56 2.01 1.50 1.96    
Operating Profit (As % of Loans) % ... 6.91 10.1 8.24 7.24 8.20    
Costs (As % Of Loans) % ... 9.53 5.55 5.70 4.81 4.41    
Equity (As % Of Loans) %   25.0 21.2 18.6 20.6 17.6    

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EastWest Bank's price/earnings (P/E) rose 4.31% yoy to 7.36 in 3Q2019

By Helgi Analytics - February 20, 2020

EastWest Bank stock traded at PHP 11.9 per share at the end third quarter of 2019 implying a market capitalization of USD 518 mil. Since the end of 3Q2014, the stock has depreciated by -31.6 % implying an annual average growth of -7.31 %. In absolute terms, the value ...

EastWest Bank's net interest income rose 13.3% yoy to PHP 5,498 mil in 3Q2019

By Helgi Analytics - February 20, 2020

EastWest Bank generated total banking revenues of PHP 7,637 mil in the third quarter of 2019, up 18.7% when compared to the same period of last year and 14.5% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, ...

EastWest Bank's market capitalisation (end of period) rose 47.6% yoy to USD 518 mil in 3Q2019

By Helgi Analytics - February 20, 2020

EastWest Bank stock traded at PHP 11.9 per share at the end of third quarter of 2019 implying a market capitalization of USD 518 mil. Over the last five years, the stock has depreciated by 31.6 implying an annual average growth of -7.31% In absolute terms...

EastWest Bank's capital adequacy ratio fell 0.763% yoy to 13.0% in 3Q2019

By Helgi Analytics - February 20, 2020

EastWest Bank's capital adequacy ratio reached 13.0% at the end of third quarter of 2019, down from 13.0% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 17.0% in 4Q2013 and an all time low of 12.6% in 1Q2019. ...

EastWest Bank's equity (as % of assets) fell 1.00% yoy to 12.2% in 3Q2019

By Helgi Analytics - February 20, 2020

EastWest Bank's Equity reached 12.2% of total assets in the 3Q2019, down from 12.3% for the previous year. As a share of net customer loans, the ratio amounted to 18.1% at the end of the third quarter of 2019. ...

EastWest Bank's customer loan growth rose 95.9% yoy to 13.2% in 3Q2019

By Helgi Analytics - February 20, 2020

EastWest Bank's customer loan growth reached 13.2% in 2019-09-30, up from 6.76% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 54.6% in 2013-03-31 and an all time low of 6.04% in 2018-06-30. In the last de...

EastWest Bank's branches rose 0.515% yoy to 390 in 4Q2018

By Helgi Analytics - February 20, 2020

EastWest Bank employed 6,431 persons in 2018-12-31, down 0% compared to the previous year. Historically, the bank's workforce hit an all time high of 6,431 persons in 2018-12-31 and an all time low of 5,546 in 2016-12-31. The bank operated a network of 390...

EastWest Bank's npls (as % of loans) rose 86.5% yoy to 2.85% in 4Q2018

By Helgi Analytics - March 4, 2020

EastWest Bank's non-performing loans reached 2.85% of total loans at the end of 2018-12-31, up from 1.53% compared to the previous year. Historically, the NPL ratio hit an all time high of 3.08% in 2014-12-31 and an all time low of 1.53% in 2017-12-31. Prov...

EastWest Bank's price/earnings (P/E) fell 36.8% yoy to 5.79 in 2018

By Helgi Analytics - February 20, 2020

EastWest Bank stock traded at PHP 11.9 per share at the end 2018 implying a market capitalization of USD 511 mil. Since the end of 2013, the stock has depreciated by -24.4 % implying an annual average growth of -5.43 %. In absolute terms, the value of the company ...

EastWest Bank's net interest margin fell 7.04% yoy to 5.63% in 2018

By Helgi Analytics - February 20, 2020

EastWest Bank's net interest margin amounted to 5.63% in 2018, down from 6.06% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 6.31% in 2013 and an all time low of 5.60% in 2012. The average margin...

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