Pasadena’s East West Bancorp Inc. on Wednesday reported earnings just shy of Wall Street expectations.
The bank holding company posted net income of $73.2 million (53 cents a share) for the quarter ended Sept. 30, up from $71.1 million (48 cents a share) for the same period last year. Profits were driven by growth in loans and deposits as well as a slightly higher net interest margin compared with last year.
Analysts surveyed by Bloomberg expected earnings of 54 cents a share East West announced earnings after markets closed Wednesday. Shares were down 34 cents, or 1 percent, to $33.97 in after-hours trading.
Though net income rose just 2 percent, income per share increased 10 percent. The per-share increase was greater because East West retired a set of dividend-paying preferred shares earlier this year. This was the first quarter in which East West did not have to pay a dividend on those shares.
