East West Bancorp Q1 2022 Earnings Report

Reported net income of $238 million and diluted earnings per share of $1.66, driven by record loans and deposits.

Key Takeaways

East West Bancorp reported strong financial results for Q1 2022, with net income of $237.7 million, or $1.66 per diluted share. The company experienced growth in loans and revenue, along with an expansion in the net interest margin. Total loans reached a record $43.5 billion, and total deposits grew to a record $54.9 billion.

Net income was $237.7 million, or $1.66 per diluted share, up 37% linked quarter annualized and up 16% year-over-year.

Total loans reached a record $43.5 billion, with $2.0 billion growth excluding PPP loans.

Total deposits grew to a record $54.9 billion, driven by strong growth in noninterest-bearing demand deposits.

Net interest margin expanded by 14 basis points to 2.87%.