Growth in deposits, loans and credit quality helped East West Bancorp Inc. post record earnings last year, with profits up 15 percent over 2011.
The Pasadena bank, the second largest in Los Angeles County, reported fourth-quarter and full-year results after markets closed Wednesday. The bank said net income reached $282 million for the year, up from $245 million in 2011.
For the fourth quarter, East West reported net income of $71.9 million, or 49 cents per share, beating analysts’ consensus estimate of 48 cents per share.
Those numbers pushed the bank’s board to boost the annual dividend to 60 cents per share for 2013, up from 40 cents last year and 20 cents in 2011. Dominic Ng, East West’s chief executive, announced the dividend increase in Wednesday’s earnings report.
Ng also said the bank will repurchase up to $200 million worth of its stock, about the same amount it spent on a 2012 stock repurchase program.
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