EastWest expects credit cardholder base to widen in 2024

MANILA: EastWest Banking Corporation (EastWest) said on Wednesday its credit cardholder base is expected to reach 1.4 million this year. In a statement, the bank said as of the first half of the year, its cardholder base was at 1.3 million, up by 17 percent year-on-year. EastWest said for the first half of the year, revenues of its credit cards business went up by 30 percent to PHP5.5 billion from the PHP4.3 billion of the same period last year. The bank's accounts receivables also grew by 35 percent to PHP61 billion while total billings rose 39 percent to PHP52 billion. EastWest senior vice president and credit cards business head Aylwin Herminia Tamayo said the bank expects more young professionals to become financially literate and join the mass and affluent markets which currently account for 30 percent and 20 percent, respectively, of its consumer group. 'This reinforces our commitment to providing personalized and accessible financial solutions which now underpin our consumer lending services,' Tam ayo said. Source: Philippines News Agency