East West Bancorp inventory falls 4% as This fall earnings miss estimates

PASADENA, Calif. – East West Bancorp , Inc. (NASDAQ:EWBC) reported fourth quarter earnings that narrowly missed analyst expectations, sending shares down 4.3% in after-hours buying and selling on Thursday.

The mother or father firm of East West Financial institution posted fourth quarter web earnings of $293 million, or $2.10 per diluted share, falling wanting the $2.11 per share analysts have been anticipating. Nonetheless, income got here in at $675.79 million, surpassing the consensus estimate of $658.3 million.

For the total yr 2024, East West reported web earnings of $1.2 billion, or $8.33 per diluted share. This represented a slight enhance from $8.18 per share in 2023.

The financial institution noticed sturdy deposit development in 2024, with deposits rising by over $7 billion. Payment earnings additionally grew 12% YoY to succeed in a brand new file stage, pushed by energy in wealth administration, lending, and deposit account charges.

“Trying again on 2024, East West marked one other yr of file income, web earnings and EPS, producing a 17% return on common tangible frequent fairness for shareholders,” mentioned Dominic Ng, Chairman and CEO.

Regardless of the earnings miss, East West introduced a 9% enhance to its frequent inventory dividend and an extra $300 million share repurchase authorization.

The corporate’s whole belongings reached $75.98 billion as of December 31, 2024, up 9% from $69.61 billion a yr earlier.

This text was generated with the help of AI and reviewed by an editor. For extra data see our T&C.