East West Bancorp Q1 2023 Earnings Report
Key Takeaways
East West Bancorp reported a strong first quarter in 2023, characterized by industry-leading profitability and robust capital ratios. Despite banking industry and market disruption in mid-March, the company achieved a net income of $322.4 million, or $2.27 per diluted share, up 37% year-over-year. The company's returns on average assets and tangible common equity were 2.0% and 22.9%, respectively, and net interest margin was 3.96%.
Net income for the first quarter of 2023 was $322.4 million, or $2.27 per diluted share, up from $237.7 million, or $1.66 per diluted share in the prior year period.
Total loans reached a record $48.9 billion as of March 31, 2023.
The company earned industry-leading returns of 2.0% on average assets and 22.9% on average tangible common equity.
The total capital ratio increased to 14.5%.
East West Bancorp
East West Bancorp
Forward Guidance
East West Bancorp is steadfast in its positive outlook for the company's performance.