East West Bancorp Q2 2023 Earnings Report

East West Bancorp reported a net income of $312 million and diluted earnings per share of $2.20 for Q2 2023, both up 21% year-over-year.

Key Takeaways

East West Bancorp reported strong operating performance for the second quarter of 2023, with net income of $312.0 million, or $2.20 per diluted share, up 21% year-over-year. Deposits and loans grew 7% linked quarter annualized. The company earned industry-leading returns of 1.85% on average assets and 21.0% on average tangible common equity. Asset quality remained outstanding with net charge-offs of 0.06% annualized.

Net income for the second quarter of 2023 was $312.0 million, or $2.20 per diluted share, up from $258.3 million, or $1.81 per diluted share in the prior year period, representing a 21% increase year-over-year.

Deposits and loans grew 7% linked quarter annualized, reaching $55.7 billion and $49.8 billion, respectively.

The company achieved industry-leading returns of 1.85% on average assets and 21.0% on average tangible common equity.

Asset quality remained strong with net charge-offs of 0.06% annualized.