{"id":726104,"date":"2023-01-26T08:06:51","date_gmt":"2023-01-26T13:06:51","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/east-west-bancorp-reports-record-net-income-for-full-year-2022of-1-1-billion-and-record-diluted-earnings-per-share-of-7-92-increases-dividend-by-20\/"},"modified":"2023-01-26T08:06:51","modified_gmt":"2023-01-26T13:06:51","slug":"east-west-bancorp-reports-record-net-income-for-full-year-2022of-1-1-billion-and-record-diluted-earnings-per-share-of-7-92-increases-dividend-by-20","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/east-west-bancorp-reports-record-net-income-for-full-year-2022of-1-1-billion-and-record-diluted-earnings-per-share-of-7-92-increases-dividend-by-20\/","title":{"rendered":"East West Bancorp Reports Record Net Income for Full Year 2022of $1.1 Billion and Record Diluted Earnings Per Share of $7.92; Increases Dividend By 20%"},"content":{"rendered":"

<\/p>\n

East West Bancorp Reports Record Net Income for Full Year 2022<\/b>of $1.1 Billion and Record Diluted Earnings Per Share of $7.92; Increases Dividend By 20%<\/b><\/p>\n

\n\u00a0\n<\/p>\n

PASADENA, Calif.–(BUSINESS WIRE<\/a>)–
\nEast West Bancorp, Inc. (\u201cEast West\u201d or the \u201cCompany\u201d) (Nasdaq: EWBC), parent company of East West Bank, reported its financial results for the full year and fourth quarter of 2022. Full year 2022 net income was a record $1.1 billion, or $7.92 per diluted share, which grew 30% year-over-year. Fourth quarter 2022 net income was $336.8 million, or $2.37 per diluted share, which grew 56% year-over-year. Total loans reached a record $48.2 billion as of December 31, 2022, up 16% year-over-year, and total deposits grew to a record $56.0 billion, up 5% from a year ago.\n<\/p>\n

\n\u201c2023 marks the 50th anniversary of East West. I am very proud of the milestones and growth that East West has achieved throughout its history. We have distinguished ourselves with a long, well-established track record of strong financial performance,\u201d stated Dominic Ng, Chairman and Chief Executive Officer of East West. \u201cFor the fourth quarter of 2022, we earned an industry-leading 2.1% return on average assets and 25.0% return on average tangible equity1<\/sup>.\u201d\n<\/p>\n

\n\u201cEast West Federal Savings Bank was founded in 1973 with a mission to serve the financial needs of Asian immigrants in Los Angeles, who were overlooked by mainstream banks. As our customers grew and prospered, achieving their personal and business ambitions, so did East West. With over $60 billion in total assets and annual earnings over $1 billion, East West has grown to be the largest independent bank headquartered in Southern California. Our customer base and geographic footprint expanded, along with the breadth and technological sophistication of our lending, deposit, and fee-based products and services. Today, we provide a seamless banking experience for clients on both sides of the Pacific, executing on our vision to be the bridge between the East and the West,\u201d continued Ng.\n<\/p>\n

\n\u201cIn celebrating our 50th anniversary, we are honored to be the bank of choice for our customers, and thankful and proud of all our associates for their dedication to our clients and East West. We are positive about 2023 and expect to continue our track record of outstanding profitability, achieved through solid revenue growth and disciplined expense management, while maintaining healthy capital levels. As we start the year, we are pleased to announce a 20% increase in our common stock dividend,\u201d concluded Ng.\n<\/p>\n\n\n\n\n\n\n\n\n\n\n
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FINANCIAL HIGHLIGHTS<\/span><\/b><\/p>\n<\/td>\n

\n\n\n<\/tr>\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\nTwelve Months Ended\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nYear-over-Year Change\n<\/p>\n<\/td>\n<\/tr>\n

\n

($ in millions<\/i>, except per share data<\/i>)<\/i><\/p>\n<\/td>\n

\n\n

\nDecember 31, 2022\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Loans\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n48,228\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n6,534\n<\/p>\n<\/td>\n

\n

\n16\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Deposits\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n55,968\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,617\n<\/p>\n<\/td>\n

\n

\n5\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Revenue\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,345\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n527\n<\/p>\n<\/td>\n

\n

\n29\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdj. Pre-tax, Pre-provision Income2<\/sup><\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,600\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n454\n<\/p>\n<\/td>\n

\n

\n40\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Income\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,128\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n255\n<\/p>\n<\/td>\n

\n

\n29\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted Earnings Per Share\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n7.92\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n1.82\n<\/p>\n<\/td>\n

\n

\n30\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

_________________________<\/sup><\/p>\n

1<\/sup> Return on average tangible equity is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in Table 13.
\n
2<\/sup> Adjusted pre-tax, pre-provision income is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in Table 12.\n<\/p>\n

BALANCE SHEET<\/b><\/p>\n