Overview
East West Bancorp Q3 revenue beats analyst expectations, driven by deposit-led growth
Company reports record Q3 net income of $368 mln and EPS of $2.65
East West increased allowance for loan losses amid economic uncertainty
Result Drivers
DEPOSIT-LED GROWTH - Record net interest income driven by growth in deposits, according to CEO Dominic Ng
HIGHER FEE INCOME - Increased fee income attributed to wealth management, lending, and deposit account fees
INCREASED LOAN LOSS ALLOWANCE - Co bolstered loan loss reserves due to economic uncertainty
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$778 mln
$634.19 mln (10 Analysts)
Q3 EPS
$2.65
Q3 Net Income
$368 mln
Q3 Net Interest Income
$678 mln
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for East West Bancorp Inc is $125.00, about 21.3% above its October 20 closing price of $98.32
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 11 three months ago
Press Release: ID:nBw6zHz0Wa
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
