Stock Track | East West Bancorp Soars on Solid Q3 Earnings and Robust Loan Growth

Stock Track10-23

Shares of East West Bancorp, Inc. (EWBC) surged over 6% in trading on October 23, 2024, following the release of the bank's impressive third-quarter 2024 financial results. The California-based regional bank reported better-than-expected earnings, driven by strong loan and deposit growth, record fee income levels, and robust credit quality.

East West Bancorp delivered a net income of $299 million, or $2.14 per diluted share, for the third quarter, surpassing analyst estimates of $2.06 per share. The bank's net interest income rose by 4% quarter-over-quarter to $573 million, fueled by higher income from loans. Additionally, the company achieved a record fee income level of $81 million, up 6% from the previous quarter, driven by notable strength in lending, wealth management, and deposit fees.

The bank's loan portfolio expanded by 1% quarter-over-quarter, with growth in residential mortgages, commercial and industrial lending, and multi-family commercial real estate. Deposits also grew by an impressive 3% during the quarter, reaching a record $61.7 billion, indicating strong customer relationships and the ability to gather low-cost funding. East West Bancorp's credit quality metrics also improved, with nonperforming assets declining to 26 basis points of total assets and the provision for credit losses increasing modestly to $42 million.

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(EWBC) surged over 6% in trading on October 23, 2024, following the release of the bank's impressive third-quarter 2024 financial results. The California-based ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"EWBC","symbol_name":"华美","start_time":0,"source_url":"","article_id":"1137880291","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1137880291","pubTimestamp":1729690433,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of East West Bancorp, Inc.  surged over 6% in trading on October 23, 2024, following the release of the bank's impressive third-quarter 2024 financial results. 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