PASADENA, Calif. – East West Bancorp , Inc. (NASDAQ:) reported third quarter earnings that surpassed analyst estimates, driving shares up 1% in response to the strong results.
The parent company of East West Bank posted net income of $299 million, or $2.14 per diluted share, for the third quarter of 2024. This exceeded the analyst consensus estimate of $2.06 per share. Revenue came in at $657 million, also beating expectations of $642.2 million.
Compared to the same quarter last year, revenue increased 3% from $638 million. The bank saw growth in both net interest income and fee income during the quarter.
“East West reported another strong quarter of balanced growth in support of our customers,” said Dominic Ng, Chairman and CEO. “We continued to grow consumer and business banking deposits while further diversifying our loan portfolio by emphasizing residential and C&I lending.”
The company’s book value per share grew 6% quarter-over-quarter and 19% YoY to $55.30. Return on average tangible common equity was 17.1% for the quarter.
Total assets increased 3% from the previous quarter to $74.5 billion. The bank maintained stable credit quality trends and kept operating expenses flat compared to the prior quarter.
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