EAST WEST BANCORP Reports Strong Financial Performance in Third Quarter 2024

East West Bancorp, Inc., the parent company of East West Bank, recently announced its financial results for the third quarter of 2024, with net income reaching $299 million and diluted earnings per share of $2.14. The company reported a return on average tangible common equity of 17.1% for the quarter and showcased a 6% growth in book value per share quarter-over-quarter and a 19% growth year-over-year.

Dominic Ng, the Chairman and Chief Executive Officer of East West Bancorp, highlighted the company’s balanced growth in consumer and business banking deposits and the diversification of the loan portfolio towards residential and C&I lending. The quarter saw notable increases in net interest income and fee income, emphasizing the vigor of the company’s business model.

Additionally, the company’s disciplined approach to credit and expense management resulted in stable credit quality trends and flat operating expenses. East West Bancorp also focused on enhancing shareholder book value, achieving a 17.1% return on average tangible common equity.

Financial highlights for the third quarter included a 3% increase in revenue to $657 million, a 7% increase in pre-tax, pre-provision income to $432 million, and a 4% rise in net income to $299 million. The company reported a 6% quarter-over-quarter increase in total assets to $74.5 billion.

East West Bancorp’s regulatory capital ratios remained well above requirements for well-capitalized institutions, with the common equity tier 1 capital ratio rising to 14.08% and the total risk-based capital ratio to 15.39

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read East West Bancorp’s 8K filing here.

About East West Bancorp

East West Bancorp, Inc operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to businesses and individuals in the United States. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other.