Reported Q: Q1 2024 Rev YoY: +23.0% EPS YoY: -10.9% Move: +0.21%
East West Bancorp Inc
EWBC
$104.18 0.21%
Exchange NASDAQ Sector Financial Services Industry Banks Diversified
Q1 2024
Published: May 9, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for EWBC

Reported

Report Date

May 9, 2024

Quarter Q1 2024

Revenue

1.09B

YoY: +23.0%

EPS

2.03

YoY: -10.9%

Market Move

+0.21%

Previous quarter: N/A

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Earnings Highlights

  • Revenue of $1.09B up 23% year-over-year
  • EPS of $2.03 decreased by 10.9% from previous year
  • Gross margin of 55.6%
  • Net income of 285.08M
  • ""First quarter 2024 net income was $285 million or $2.03 per diluted share. Excluding the FDIC charge, first quarter adjusted earnings per share was $2.08, up 3% from the fourth quarter."" - Dominic Ng
EWBC
Company EWBC

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Executive Summary

East West Bancorp, Inc. delivered a solid QQ1 2024 performance characterized by robust deposit generation, ongoing lending activity, and a disciplined balance sheet. GAAP net income reached $285 million ($2.03 per diluted share), with adjusted EPS of $2.08 excluding the FDIC charge, up 3% quarter-over-quarter. The results reflect a diversified business model that supported loan growth in certain segments (notably residential mortgages and C&I) while managing funding costs in a higher-for-longer rate backdrop. The company also accelerated liquidity management and capital returns, repaying BTFP borrowings, redeeming trust preferred securities, and executing a measured buyback. Management signaled a raised net interest income (NII) outlook for 2024, driven by pipeline-driven loan growth and a more favorable balance sheet mix, albeit acknowledging ongoing NIM compression from deposit-cost dynamics. Asset quality remained solid, with first-quarter net charge-offs of 17 bps and a modest rise in non-performing assets to 23 bps.

Key Performance Indicators

Revenue
Increasing
1.09B
QoQ: 2.93% | YoY: 23.03%
Gross Profit
Decreasing
606.44M
55.64% margin
QoQ: 0.02% | YoY: -3.78%
Operating Income
Decreasing
372.25M
QoQ: 13.76% | YoY: -11.66%
Net Income
Decreasing
285.08M
QoQ: 19.30% | YoY: -11.59%
EPS
Decreasing
2.04
QoQ: 20.00% | YoY: -10.92%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2025 1,119.84 2.08 +2.8% View
Q4 2024 1,135.14 2.10 +7.2% View
Q3 2024 1,148.43 2.14 +11.8% View
Q2 2024 1,107.04 2.06 +13.6% View
Q1 2024 1,089.92 2.03 +23.0% View