East-West Bancorp (EWBC) Tops Q3 EPS by 6c

East-West Bancorp (NASDAQ: EWBC) reported Q3 EPS of $1.57, $0.06 better than the analyst estimate of $1.51. Revenue for the quarter came in at $0 versus the consensus estimate of $394.06 million.

“This was another quarter of outstanding results. Our total loans reached a record $40.5 billion as of September 30, 2021. Loans grew by 11% annualized from June 30, 2021, and by 11% from September 30, 2020, excluding the impact of the Paycheck Protection Program. This growth has come from all of our major loan portfolios of commercial, residential mortgage and commercial real estate,” stated Dominic Ng, Chairman and Chief Executive Officer of East West.

“Total deposits reached a record $53.4 billion as of September 30, 2021, driven by excellent growth in demand deposits. This has transformed our deposit mix. Noninterest-bearing demand deposits now make up 43% of total balances, compared with 36% a year ago.”

“Our robust organic balance sheet growth drove a 21% annualized increase in revenue quarter-over-quarter, even as interest rates remained low. This revenue expansion was achieved while maintaining solid expense discipline, resulting in adjusted pre-tax, pre-provision income1 growth of 26% annualized from the second quarter,” continued Ng. “Overall, we earned an attractive return on average tangible equity2 of 17.25% in the third quarter of 2021.”

“We are looking forward to finishing the year on a high note, and extending the momentum and excellent performance from 2021 into continued growth and success in 2022,” concluded Ng.

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

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