LOS ANGELES – Cathay Normal Bancorp (NASDAQ:CATY) reported fourth quarter earnings that beat analyst estimates, however its inventory fell 7% in after-hours buying and selling on Wednesday.
The holding firm for Cathay Financial institution posted internet revenue of $80.2 million, or $1.12 per diluted share, for the fourth quarter of 2024. This exceeded the analyst consensus estimate of $1.10 per share. Income got here in at $186.48 million, additionally topping expectations of $185.63 million.
Regardless of the earnings beat, Cathay’s inventory declined sharply following the discharge. The corporate’s internet curiosity margin elevated barely to three.07% in This autumn from 3.04% in Q3, however remained under the three.27% stage from a 12 months in the past.
Whole (EPA:TTEF) loans decreased 0.9% year-over-year to $19.38 billion, whereas deposits rose 1.9% to $19.69 billion. The corporate’s provision for credit score losses held regular at $14.5 million in comparison with the earlier quarter.
“We’re happy by the rise within the internet curiosity margin in comparison with the third quarter of 2024,” mentioned Chang M. Liu, President and CEO of Cathay Normal Bancorp.
For the total 12 months 2024, Cathay reported internet revenue of $286.0 million, or $3.95 per diluted share, down from $354.1 million, or $4.86 per share, in 2023.
The financial institution’s effectivity ratio improved to 45.70% in This autumn from 51.11% in Q3. Cathay repurchased 506,651 shares through the quarter at a median value of $47.10 per share.
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