East West Bancorp Sets New Records in Q4 2024 Financial Results

East West Bancorp Sets New Records in Q4 2024 Financial Results


East West Bancorp, a leading financial institution, has announced its record-breaking Q4 2024 financial results, showcasing the company's strength and resilience. The company reported new record levels for revenue, fee income, net income, earnings per share, and loans and deposits, highlighting its successful service model.

During the conference call, Dominic Ng, Chairman and Chief Executive Officer of East West Bancorp, expressed his gratitude to the fire fighters, public service workers, and volunteers who helped with recovery efforts in Southern California. He also announced that the company is offering accommodation on an as-needed basis to customers impacted by the wildfires.

The company's financial results demonstrate its growth momentum. In 2024, East West Bancorp reported a record $7 billion of deposit growth, with average deposits growing by 9% year-over-year and average loans increasing by 6%. The firm further diversified its portfolio by emphasizing residential and commercial & industrial (C&I) lending.

The company's fee income reached a new high, driven primarily by consistent sales execution across its wealth management, commercial payments, and foreign exchange businesses. Asset quality remained stable in 2024, with full-year net charge-offs and year-end nonperforming assets at 26 basis points. East West Bancorp maintained a disciplined approach to credit management, dealing with two problem credits, but deemed them isolated events.

The company's board approved an incremental share repurchase authorization of $300 million and increased the quarterly dividend by 9% to $0.60 per share. In Q4, East West Bancorp repurchased 200,000 shares at an average price of $98 per share.

Christopher Del Moral-Niles, Chief Financial Officer, discussed the company's balance sheet and income statement, highlighting its deposit growth over the past five years. In 2024, East West grew end-of-period deposits by 13% to a record $63.2 billion, with DDA levels stabilizing in the mid-20s. The company's period-end total deposit costs decreased further to 2.59%.

The conference call also touched on the company's competitive offerings for its regional markets. In Q1, East West Bancorp launched a Lunar New Year CD special, featuring a 6-month CD at 4.18% and a 9-month CD at 4.08%. The firm expects good retention and potentially strong new money inflows from these price points.

East West Bancorp's record-breaking Q4 2024 financial results demonstrate its successful service model, growth momentum, and resilience. As the company continues to grow and expand its services, investors and customers alike can expect further benefits from its increasing strength and competitiveness in the market.

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