East West Bancorp’s first quarter profit was better than Wall Street expected, boosted by higher interest income. The Pasadena bank company also forecast a better current quarter than analysts were expecting.

The bank holding company late Tuesday reported net income of $24.9 million (13 cents a share), compared with a loss of $22.5 million (-50 cents) a year earlier.

Analysts surveyed by Thomson Reuters on average expected the company to earn 7 cents a share.

Provision for loan losses dropped 2 percent to $76.4 million. Net interest income, adjusted to exclude the provision, more than tripled to nearly $262 million.

The company is forecasting second-quarter net income of 13 cents to 17 cents a share. Analysts were expecting 13 cents per share earnings.

In the first quarter, East West took several actions to improve its balance sheet, including selling nearly $600 million in fixed-rate investment securities to mitigate the impact of future interest rate increases.

“East West’s first quarter net income of $24.9 million was driven by our expanded earnings power,” said Chief Executive Dominic Ng in a statement. “While the economy and many of our competitors still face challenges, East West is in a strong financial condition and we are confident that we can continue to produce both near and long-term gains for our customers and shareholders.”

Shares were up 77 cents, or nearly 4 percent, to $20.15 in midday trading on the Nasdaq.