PASADENA, Calif. – East West Bancorp , Inc. (NASDAQ:) reported third quarter earnings that surpassed analyst estimates, driving shares up 1% in response to the sturdy outcomes.

The guardian firm of East West Financial institution posted internet earnings 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. Income got here in at $657 million, additionally beating expectations of $642.2 million.

In comparison with the identical quarter final 12 months, income elevated 3% from $638 million. The financial institution noticed progress in each internet curiosity earnings and charge earnings throughout the quarter.

“East West reported one other sturdy quarter of balanced progress in assist of our clients,” mentioned Dominic Ng, Chairman and CEO. “We continued to develop client and enterprise banking deposits whereas additional diversifying our mortgage portfolio by emphasizing residential and C&I lending.”

The corporate’s guide worth per share grew 6% quarter-over-quarter and 19% YoY to $55.30. Return on common tangible widespread fairness was 17.1% for the quarter.

Complete belongings elevated 3% from the earlier quarter to $74.5 billion. The financial institution maintained steady credit score high quality tendencies and stored working bills flat in comparison with the prior quarter.

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