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East West Bancorp Inc (NASDAQ: EWBC) is a publicly owned holding company with a substantial asset base of $31.1 billion. The company, through its wholly owned subsidiary East West Bank, operates as one of the largest independent banks headquartered in California. With a strategic focus on the United States and Greater China markets, East West Bank boasts over 130 locations across both regions, including significant presences in key U.S. markets such as California, Georgia, Nevada, New York, Massachusetts, Texas, and Washington. In Greater China, the bank operates full-service branches in Hong Kong, Shanghai, Shantou, and Shenzhen, and maintains representative offices in Beijing, Chongqing, Guangzhou, Taipei, and Xiamen.
East West Bank stands out as one of the top 25 public banks in the United States by market capitalization. The company has earned a place in the top 15 of the '100 Best Banks in America' list by Forbes for five consecutive years from 2010 to 2014. This distinction highlights the bank's commitment to excellence and its strong market position.
Uniquely positioned with a full banking license in China, East West Bank is adept at leveraging its deep cultural and regulatory understanding of both the U.S. and Chinese markets. This capability enables the bank to support customers in navigating and entering new markets effectively. The bank's strategic initiatives include shifting its deposit base from time deposits to commercial deposits to enhance profitability and stability.
Notably, East West Bank has ventured into the entertainment industry by financing the production and distribution of film and television projects, fostering partnerships between Chinese and Hollywood entities. This niche focus underscores the bank's innovative approach to expanding its service offerings and tapping into new revenue streams.
Core to its operations, most of East West Bank's earning assets are in loans held for investment, reflecting its robust financial health and prudent management strategies. The bank's continuous efforts to expand and innovate, coupled with its strong market presence and strategic international focus, make it a noteworthy player in the banking sector.
East West Bancorp (EWBC) has announced its upcoming earnings call schedule for Q4 2024 and Q1 2025. The Q4 and full-year 2024 results will be released on January 23, 2025, followed by a conference call at 2 p.m. PT/5 p.m. ET. The Q1 2025 earnings will be released on April 22, 2025, with a call scheduled for the same time.
The company will also participate in the Bank of America 2025 Financial Services Conference on February 11th, 2025, at 2:40 p.m. ET in Miami, Florida. Financial results will be available on the company's Investor Relations website, with conference calls accessible via phone (877-506-6399 for US/Canada, 412-902-6699 for international).
Convergent Energy and Power has secured a programmatic tax equity financing deal with East West Bank to support its energy storage portfolios in New York and Maryland, as well as its broader 2025 North American portfolio. The funding will help provide cost-effective and sustainable electricity to over 8,000 customers. The company currently has over 800 MW / 1 GWh of energy storage and solar-plus-storage systems operating or under development, with over $1bn invested or committed to systems.
East West Bancorp reported strong financial results for the third quarter of 2024. Net income reached $299 million, or $2.14 per diluted share. The company achieved a return on average assets of 1.62% and a return on average common equity of 16.0%. Book value per share grew 6% quarter-over-quarter and 19% year-over-year.
Key highlights include:
- Revenue increased 3% to $657 million
- Pre-tax, pre-provision income grew 7% to $432 million
- Return on average tangible common equity was 17.08%
- Total assets rose 3% to $74,484 million
The company reported balanced growth in consumer and business banking deposits, along with diversification of its loan portfolio. Net interest income and fee income both showed significant acceleration, demonstrating the strength of East West's business model.
East West Bank, the largest publicly traded bank in Southern California, celebrated its 25th anniversary on the Nasdaq stock exchange. Chairman and CEO Dominic Ng rang the opening bell to mark this milestone. Under Ng's leadership, East West has grown from a $600 million savings and loan association to a global commercial bank with over $72 billion in assets.
The Bank has been recognized as the #1 top performing bank in its asset size by Bank Director for two consecutive years. East West's Nasdaq listing was important for public involvement and employee ownership. The Bank's 'Spirit of Ownership' program grants stock distributions to all employees annually at Lunar New Year.
Founded in 1973 to serve underserved communities, East West Bank has evolved into a global institution bridging the U.S. and Asia. It provides expertise in various sectors, including media, entertainment, private equity, infrastructure, healthcare, clean energy, technology, manufacturing, and commercial real estate.
East West Bancorp (Nasdaq: EWBC) has announced its participation in the Barclays 22nd Annual Global Financial Services Conference. Chairman and CEO Dominic Ng, along with CFO Christopher Del Moral-Niles, will deliver remarks during a fireside chat on September 9th, 2024, at 11:15 a.m. Eastern Time in New York.
The executives will also meet with investors to discuss East West's business, performance, and strategy. This event provides an opportunity for the company to showcase its financial position and future plans to a global audience of financial services professionals and investors.
East West Bancorp (EWBC) reported strong financial results for Q2 2024, with net income of $288 million and diluted EPS of $2.06. The company demonstrated solid performance with a return on average assets of 1.63% and return on average common equity of 16.4%. Notable achievements include:
- 2% quarter-over-quarter growth in both total loans and deposits
- 8% increase in record fee income
- 3% quarter-over-quarter and 14% year-over-year growth in book value per share
- Stable net charge-offs at 0.18% of average loans
- 10% decrease in criticized loans
East West was recognized as the best performing bank above $50 billion in assets by Bank Director for the second consecutive year, highlighting its industry-leading profitability and conservative balance sheet management.
East West Bancorp, Inc. has announced the dates for their 2024 second and third quarter earnings calls, giving investors insights into the company's financial performance. The calls are scheduled for July 23 and October 22, 2024, respectively.