Shares in East West Bancorp Inc. dropped as much as 16 percent Wednesday after the bank reported a plunge in profits and did not provide guidance for 2008 due to a shaky economy, according to the bank.

East West reported net income of $5.04 million (8 cents per share), down 88 percent from $42.1 million (68 cents) from the same period a year earlier.

The bank, which is the largest bank in the U.S. catering to the Chinese-American community, said the results were stung by a $55 million writedown for loan losses. The bank also withheld its 2008 guidance saying “uncertainty” in the economy made it impossible to give an accurate forecast.

Analysts surveyed by Thomson Financial predicted net income of 46 cents per share.

“Due to the unprecedented decline in the real estate market and economic downturn which has impacted the entire financial industry, East West experienced increased charge-off levels from recent historic lows,” Chief Executive Dominic Ng said in a statement.

Non-interest income, or income collected from fees and other charges, increased 27 percent to $15.9 million.

Shares in East West were down 11 percent to $14.10 in early trading Wednesday on the Nasdaq.