East West Bancorp, Inc. (EWBC) has reported a 57.87 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $169.74 million, or $1.16 a share in the quarter, compared with $107.52 million, or $0.74 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $128.21 million, or $0.88 a share compared with $107.52 million or $0.74 a share, a year ago.
Revenue during the quarter surged 30.83 percent to $381.08 million from $291.28 million in the previous year period. Net interest income for the quarter rose 7.90 percent over the prior year period to $272.12 million. Non-interest income for the quarter rose 186.38 percent over the last year period to $116.02 million.
East West Bancorp, Inc. has made provision of $7.07 million for loan losses during the quarter, up 390.83 percent from $1.44 million in the same period last year.
Net interest margin improved 1 basis points to 3.33 percent in the quarter from 3.32 percent in the last year period. Efficiency ratio for the quarter improved to 43.25 percent from 44.53 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"East West had a strong start to the year. In the first quarter of 2017, total loans grew $1.0 billion or 15% annualized to a record $26.5 billion from $25.5 billion as of December 31, 2016. Total deposits grew $652 million or 9% annualized to a record $30.5 billion as of March 31, 2017 from $29.9 billion at the end of 2016," stated Dominic Ng, chairman and chief executive officer of East West. "Noninterest-bearing demand deposits grew to a record $10.7 billion, comprising 35% of East West’s deposit mix."
Deposits stood at $30,542.98 million as on Mar. 31, 2017, up 6.81 percent compared with $28,596.25 million on Mar. 31, 2016.
Investments stood at $3,094.53 million as on Mar. 31, 2017, down 8.05 percent or $270.84 million from year-ago. Shareholders equity was at $3,565.95 million as on Mar. 31, 2017.
Return on average assets moved up 64 basis points to 1.97 percent in the quarter from 1.33 percent in the last year period. At the same time, return on average equity increased 612 basis points to 19.71 percent in the quarter from 13.59 percent in the last year period.
Nonperforming assets moved down 14.34 percent or $24.23 million to $144.76 million on Mar. 31, 2017 from $168.99 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.41 percent in the quarter, down from 0.51 percent in the last year period.
Tier-1 leverage ratio stood at 9 percent for the quarter, up from 8.50 percent for the previous year quarter. Book value per share was $24.68 for the quarter, up 10.52 percent or $2.35 compared to $22.33 for the same period last year.
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