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PASADENA, Calif. - East West Bancorp , Inc. (NASDAQ:EWBC) reported fourth quarter earnings that narrowly missed analyst expectations, sending shares down 4.3% in after-hours trading on Thursday.
The parent company of East West Bank posted fourth quarter net income of $293 million, or $2.10 per diluted share, falling short of the $2.11 per share analysts were expecting. However, revenue came in at $675.79 million, surpassing the consensus estimate of $658.3 million.
For the full year 2024, East West reported net income of $1.2 billion, or $8.33 per diluted share. This represented a slight increase from $8.18 per share in 2023.
The bank saw strong deposit growth in 2024, with deposits increasing by over $7 billion. Fee income also grew 12% YoY to reach a new record level, driven by strength in wealth management, lending, and deposit account fees.
"Looking back on 2024, East West marked another year of record revenue, net income and EPS, generating a 17% return on average tangible common equity for shareholders," said Dominic Ng, Chairman and CEO.
Despite the earnings miss, East West announced a 9% increase to its common stock dividend and an additional $300 million share repurchase authorization.
The company's total assets reached $75.98 billion as of December 31, 2024, up 9% from $69.61 billion a year earlier.
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