Cathay General ( (CATY) ) has released its Q4 earnings. Here is a breakdown of the information Cathay General presented to its investors.
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Cathay General Bancorp is a publicly traded holding company for Cathay Bank, a California state-chartered bank, providing a wide range of financial services across the United States and internationally through branches and representative offices.
Cathay General Bancorp recently released its financial results for the fourth quarter and full year of 2024, reporting a yearly net income of $286 million, or $3.95 per diluted share. The fourth quarter earnings showed an increase in net income to $80.2 million, indicating a positive trend compared to the previous quarter.
The company’s financial performance highlights include an increase in net interest margin to 3.07% in the fourth quarter, a rise in total deposits by 1.9% to $19.69 billion, and a decrease in total loans by 0.9% to $19.38 billion. Despite a decrease in non-interest income by 23.9% and a decline in net income for the year compared to 2023, the fourth quarter results showed a significant improvement from the third quarter with a notable 18.8% increase in net income.
Cathay General Bancorp’s capital adequacy remains robust with a Tier 1 risk-based capital ratio of 13.55% and a total risk-based capital ratio of 15.09%, maintaining its status as a ‘well-capitalized’ institution. However, the company experienced a substantial increase in non-performing assets, which rose by 110.4% compared to the previous year.
Looking forward, Cathay General Bancorp is poised to continue its strategic focus on improving financial performance, supported by its strong capital position and efforts to manage credit quality amidst a challenging economic environment.
