East West Bancorp Reports Strong 2024 Earnings Growth

East West Bancorp ( (EWBC) ) has released its Q4 earnings. Here is a breakdown of the information East West Bancorp presented to its investors.

East West Bancorp, Inc. is a publicly traded financial services company operating primarily in the banking sector, with a focus on connecting customers to new opportunities across the United States and Asia. The company reported record net income of $1.2 billion for the full year 2024, with diluted earnings per share of $8.33, marking a 2% increase from the previous year. This growth was supported by a 12% increase in book value per share and robust performance in wealth management and lending services.

Key financial highlights include a 9% growth in total assets to $76 billion and a 12.6% increase in total deposits to $63.2 billion. The company also announced an increased quarterly dividend of $0.60 per share and authorized an additional $300 million for stock repurchases. Despite a slight decrease in net interest margin compared to the previous year, East West Bancorp maintained strong profitability with returns on average common equity at 15.9%.

East West Bancorp’s strategic focus on capital strength was evident in its robust regulatory capital ratios, which remain well above industry averages. The company continues to expand its loan portfolio, particularly in commercial and residential mortgage sectors, contributing to a 3% year-over-year increase in total loans. Additionally, the company has shown solid asset quality with a decrease in nonperforming assets and a stable allowance for loan losses.

Looking ahead, East West Bancorp’s management remains optimistic about sustaining its growth trajectory while maintaining financial stability. The company’s strategic initiatives and capital management efforts position it well for continued success in the coming year.