East-West Bancorp (EWBC) Tops Q1 EPS by 20c

East-West Bancorp (NASDAQ: EWBC) reported Q1 EPS of $1.44, $0.20 better than the analyst estimate of $1.24.

“East West had a strong start to 2021. In the first quarter, our loans and deposits grew at a robust pace, our revenue and profitability expanded, and credit quality was stable, resulting in net income growth of 25% from the fourth quarter of 2020,” stated Dominic Ng, Chairman and Chief Executive Officer of East West. “As of March 31, 2021, our total loans reached a record $39.6 billion, growing by 13% annualized from December 31, 2020, and our total deposits reached a record $49.5 billion, growing by 42% annualized during the same period.”

“Quarter-over-quarter, our revenue grew 10% annualized and our expenses were well-managed, resulting in an adjusted pre-tax, pre-provision income growth of 17% annualized,” continued Ng. “Due to an improved macroeconomic outlook and stable asset quality, we did not record a provision for credit losses in the first quarter of 2021. Our solid financial performance for the first quarter resulted in a return on average tangible equity of 17.2%.”

“Based on the loan production and deposit growth year-to-date, we are optimistic about our growth trajectory for the full year. We are sanguine about our asset quality outlook, supported by the strength and resilience of our customers and the continued economic recovery,” concluded Ng. “With our strong balance sheet, we are very well positioned to support our customers in their growth and expansion plans as the economy reopens and rebounds.”

For earnings history and earnings-related data on East-West Bancorp (EWBC) click here.

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