East West Bancorp drops on cutting NII forecast

East West Bancorp

20/07/2023 15:32

** Shares of East West Bancorp  EWBC.O  down 3.7% at $59.3
    ** Lender expects its FY net interest income (NII) to grow
by 12%-15%, compared to previous forecast range of 16%-18%
growth
    ** Though lenders have been benefiting from Fed's continuous
interest rate hikes, it has made borrowing costly, raising
concerns over a drop in loan demand in the near future
    ** EWBC also reports Q2 profit of $2.20/share, compared to
analysts' estimate of $2.22/share - Refinitiv IBES data
    ** Lender posts Q2 NII of $566.7 mln, down 6%
quarter-on-quarter 
    ** The bank set aside $26 mln as provision for credit losses
in Q2 vs $13.5 mln a year earlier
    ** Stock down 10% YTD

 (Reporting by Sri Hari N S in Bengaluru)
 ((SriHari.NS@thomsonreuters.com;))