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.

admin

Share
Published by
admin

Recent Posts

Domino’s Pizza posts shock fall in U.S. same-store gross sales as inflation bites

(Reuters) -Domino's Pizza on Monday posted a shock decline in first-quarter U.S. identical retailer gross…

1 hour ago

World financial system recession dangers surge on US tariff shockwaves

By Hari Kishan BENGALURU (Reuters) - Dangers are excessive the worldwide financial system will slip…

2 hours ago

M&S tells company staff to remain at dwelling after cyberattack

Marks & Spencer (M&S) has ordered lots of of company staff at its foremost distribution…

2 hours ago

Eurozone inflation, Apple and Meta earnings in focus

International markets rebounded final week on a broad-based rally amid indicators of de-escalation within the…

3 hours ago

Deliveroo shares surge 17% as £2.7bn takeover looms

Shares in meal supply platform Deliveroo have surged 17% as traders react to information of…

4 hours ago