Profits Surge at Pasadena’s East-West Bank

Published : Thursday, January 24, 2019 | 7:17 PM

Dominic Ng, East West Bank's Chairman, President, and CEO. Courtesy photo.

Topping Wall Street expectations, Pasadena-based East West Bancorp (EWBC) Inc., reported fourth-quarter net profits of $173 million.

Nine Wall Street analysts surveyed by Zacks Investment Research estimated average earnings of East West shares at $1.17 per share. But in its Jan. 24 financial report, EWBC posted a fourth quarter net income equivalent to $1.18 per diluted share.

For the full year 2018, net income was $703.7 million or $4.81 per diluted share, the company said in a statement. The publicly owned financial entity also reported $41 billion in total assets.

“East West achieved record earnings for a ninth consecutive year,” EWBC Chairman and Chief Executive Officer Dominic Ng said. “Our total revenue of $1.6 billion grew by 11 percent, and our net interest margin of 3.78 percent expanded by 30 basis points year-over-year.”

Ng said the company earned a return on average assets of 1.83 percent and on average equity of 17 percent.

The bank holding company posted revenue of $499 million in the period. Its revenue net of interest expense was $411.1 million, also surpassing Wall Street forecasts which were anticipated to be $407.3 million.

“We look forward to the new year with confidence,” Ng continued. “With our presence in the U.S. and Greater China, we have built cross-border banking expertise that differentiates us from other banks.”

EWBC is traded on the Nasdaq Global Select Market as EWBC. The company’s subsidiary, East West Bank, is one of the largest independent banks headquartered in California. The bank operates over 130 locations worldwide, including in the U.S. markets of California, Georgia, Massachusetts, Nevada, New York, Texas and Washington.

East West’s presence in China is comprised of full service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, Taipei and Xiamen.

For more information, visit the company’s website, www.eastwestbank.com.

 

 

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