East West Bancorp Q3 2024 Earnings Report

East West Bancorp reported a strong quarter with balanced growth, increased net and fee income, and stable credit quality.

Key Takeaways

East West Bancorp reported a net income of $299 million for Q3 2024, with diluted earnings per share of $2.14. The company saw growth in consumer and business banking deposits, diversified its loan portfolio, and maintained stable credit quality. The return on average assets was 1.62%, and the return on average tangible common equity was 17.1%.

Net income for the third quarter of 2024 was $299 million, or $2.14 per diluted share.

Total assets reached $74.5 billion as of September 30, 2024, an increase of $2.0 billion from the previous quarter.

Total deposits increased to $61.7 billion as of September 30, 2024, reflecting growth in both consumer and commercial deposits.

The company's credit quality remained strong, with nonperforming assets decreasing to $195 million.