OCTOBER 22, 2024
East West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq: EWBC), parent company of East West Bank, reported its financial results for the third quarter of 2024. Third quarter 2024 net income was $299 million, or $2.14 per diluted share. Return on average assets was 1.62%, return on average common equity was 16.0%, and return on average tangible common equity was 17.1%. Book value per share grew 6% quarter-over-quarter and 19% year-over-year.
“East West reported another strong quarter of balanced growth in support of our customers,” said Dominic Ng, Chairman and Chief Executive Officer. “We continued to grow consumer and business banking deposits while further diversifying our loan portfolio by emphasizing residential and C&I lending,” Ng continued. “Net interest income and fee income both accelerated meaningfully in the quarter, underscoring the strength of our business model.”
“Our disciplined approach to credit and expense management continued to bear fruit this quarter,” continued Ng. “Operating expenses were flat, while credit quality trends remained stable, demonstrating the benefit of our diversified business strategy.”
“We grew shareholder book value and posted a 17.1% return on average tangible common equity for the quarter,” said Ng. “We remain focused on continuing to deliver top tier returns for our shareholders in the years ahead.”