East West Bancorp Q3 2021 Earnings Report

Reported net income of $225 million and diluted earnings per share of $1.57.

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.