Magazine article American Banker

East West Reports Broad Loan Growth, Cautions U.S. on Trade Policy

Magazine article American Banker

East West Reports Broad Loan Growth, Cautions U.S. on Trade Policy

Article excerpt

Byline: Nathan DiCamillo

Commercial, single-family and multifamily loans drove second-quarter growth at East West Bancorp in Pasadena, Calif.

The $35.9 billion-asset company reported a profit of $118.3 million, a 14.5% increase from the year-earlier period. Its earnings per share were 81 cents, a penny better than the consensus analyst estimate compiled by FactSet Research Systems.

Total loans increased by 12% to $26.9 billion.

Commercial loans increased by 11.4% to $10.2 billion, single-family loans increased by 24.7% to $4 billion, and multifamily loans increased by 31.5% to $1.8 billion.

Net interest income rose 14.3% to $290.1 million, and noninterest income rose 7.1% to $47.4 million on the back of stronger derivatives, wealth management, credit-related and other fees.

Meanwhile, nonperforming assets fell 33% to $132.9 million.

Total noninterest expense increased by 13.6% to 169.1 million and was driven by higher compensation and benefits costs, spending on software and a large charge in amortization of tax credit and other investments. …

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