East West Bancorp 1Q profit rises |
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Published
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Mon, 16 Apr 2007 22:22
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PASADENA, Calif. (AP) - East West Bancorp Inc., parent company of East West Bank, said Monday its first-quarter profit climbed 31 percent, exceeding Wall Street's expectations.Quarterly earnings grew to $42.1 million, or 68 cents per share, from $32.1 million, or 55 cents per share, in the year-ago period.Analysts polled by Thomson Financial projected earnings of 60 cents per share for the quarter.Net interest income rose 19 percent to $98.6 million from $83 million in the first quarter of 2006.Noninterest income climbed 41 percent to $12.5 million from $8.9 million.The rise in noninterest income was largely due to higher branch fees, a gain on sale of real estate and income from secondary market activities, according to the company.The company said it also did not need to book a provision to cover loan losses. In the prior-year quarter, the company reported it provided $3.3 million for provisions for loan losses.East West Bancorp shares rose 55 cents to close at $35.86 on the Nasdaq Stock Market.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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