EastWest Bank optimistic on consumer loans, travel
‘We want to improve our market share. We have a very young population, with a median age of 26. That age is when you start to earn more and buy what you want’
EastWest Bank
Photo courtesy of RP1
EastWest Bank expects sustained growth in consumer loans this year as the market remains cautious about the global economy.
“Our consumer loan last year was more than 30 percent or slightly higher than the industry average. We’re very optimistic that robust growth will continue this year,” EastWest Bank head of consumer banking Lawrence Lee said Thursday in a media briefing in Bonifacio Global City, Taguig.
He said the bank’s consumer business is strongly driven by credit card-based purchases. Specifically, Lee said travel spending accounts for 15 to 20 percent of all credit card transactions.
As of September 2024, EastWest Bank expanded its loans to individual clients to 83 percent of the total loan portfolio after credit card loans jumped by 35 percent.
Personal loans also surged by 52 percent, while auto loans grew slower by 11 percent.
“We want to improve our market share. We have a very young population, with a median age of 26. That age is when you start to earn more and buy what you want,” Lee said.
However, he said economic uncertainties linger, partly due to protectionist trade and immigration policies of US President Donald Trump.
Economists say Trump’s high tariffs on US imports from Mexico, China and Canada might accelerate global inflation, resulting in tighter financial adjustments among consumers.
Singapore Airlines perks
EastWest credit card cardholders can receive ticket discounts on Singapore Airlines if they book within 13 February to 5 March using the promo code “GETAWAY25” in singaporeair.com or the SingaporeAir mobile app.
Discounts will apply to travels within 15 February to 31 December this year.
The promo is part of EastWest Bank’s launch of EastWest Singapore Airlines KrisFlyer Mastercard variants.
This offers clients 1 KrisFlyer Mile for every P12 spent of EastWest Singapore Airlines KrisFlyer World Mastercard. Meanwhile, EastWest Singapore Airlines KrisFlyer Platinum can have 1 KrisFlyer mile per P15 spent.
Both types of cardholders can enjoy cash rebates of up to P5,000.
They can also receive more perks with upgraded status to KrisFlyer Elite Gold for one year when they purchase flight tickets until 30 June and a minimum single-receipt spend of at least P150,000.