East-West Bancorp (EWBC) Tops Q3 EPS by 17c

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Go back to East-West Bancorp (EWBC) Tops Q3 EPS by 17c

East West Bancorp Reports Net Income for Third Quarter 2020 of $159.5 Million and Diluted Earnings Per Share of $1.12

October 22, 2020 8:00 AM EDT

PASADENA, Calif.--(BUSINESS WIRE)-- East West Bancorp, Inc. (East West or the Company) (Nasdaq: EWBC), parent company of East West Bank, the financial bridge between the United States and Greater China, today reported its financial results for the third quarter of 2020. For the third quarter of 2020, net income was $159.5 million or $1.12 per diluted share. Third quarter 2020 return on average assets was 1.26% and return on average equity was 12.5%.

Total deposits grew to a record $41.7 billion as of September 30, 2020, driven by 28% annualized growth in noninterest-bearing demand deposits, stated Dominic Ng, Chairman and Chief Executive... More