East West Bancorp reported a solid financial performance in Q4 2020, with net income reaching $164.1 million, or $1.15 per diluted share. Total loans reached a record $38.4 billion, growing by 10% annualized, and total deposits reached a record $44.9 billion, growing by 30% annualized. The company also saw improvement in asset quality metrics.
Net income for the fourth quarter of 2020 was $164.1 million, or $1.15 per diluted share.
Total loans reached a record $38.4 billion, a 10% annualized growth from the previous quarter.
Total deposits reached a record $44.9 billion, reflecting a 30% annualized increase from the previous quarter.
The company's common stock dividend was increased by 20%, resulting in a new quarterly dividend of $0.33 per share.
East West Bancorp is optimistic about an improving macroeconomic outlook, the broader distribution of COVID-19 vaccines, and expectations for increased government stimulus. The company looks forward to a strengthening economic recovery in the second half of the new year and is confident in its ability to continue growth and generate strong returns for shareholders in 2021.
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