East West Bancorp Q3 2021 Earnings Report
Key Takeaways
East West Bancorp reported outstanding results for the third quarter of 2021, with record total loans and deposits. The company's revenue increased by 21% annualized, driven by robust balance sheet growth. The company maintained solid expense discipline, resulting in adjusted pre-tax, pre-provision income growth of 26% annualized. The company earned an attractive return on average tangible equity of 17.25%.
Net income for the third quarter of 2021 was $225.4 million, or $1.57 per diluted share.
Total loans reached a record $40.5 billion as of September 30, 2021, growing by 11% annualized from June 30, 2021.
Total deposits reached a record $53.4 billion as of September 30, 2021, driven by excellent growth in demand deposits.
Revenue increased by 21% annualized quarter-over-quarter, while adjusted pre-tax, pre-provision income grew by 26% annualized.