PASADENA - East West Bancorp, Inc. (“East West”) (Nasdaq: EWBC), parent company of East West Bank, the financial bridge between the United States and Greater China, today reported financial results for the second quarter of 2013. For the second quarter of 2013, net income was $74.0 million or $0.52 per dilutive share. East West increased second quarter net income by $3.5 million or 5% and increased earnings per dilutive share $0.05 or 11% from the prior year period.
“East West is pleased to report solid earnings of $74.0 million or $0.52 per share for the second quarter of 2013, an increase in earnings per share of 11% from the prior year period,” stated Dominic Ng, Chairman and Chief Executive Officer of East West. “Our financial results for the second quarter of 2013 were driven by strong loan originations, resulting in an increase in total loans receivable of 6% or $920.8 million during the quarter to a record $16.3 billion as of June 30, 2013. Currently, high quality loan growth is challenging for the banking industry. Our unique value proposition as the bridge between East and West allows us to successfully and prudently grow our loan portfolio. Further, during the quarter, we grew total deposits to a record $19.3 billion and non-interest bearing demand deposits to a record $5.1 billion, or 27% of total deposits.”
Ng continued, “For the second quarter of 2013, East West achieved a return on equity of 12.59%, and a return on assets of 1.29%. Our results for the second quarter of 2013 mark the ninth consecutive quarter East West has increased both net income and earnings per share. East West has strong earnings and a healthy balance sheet, resulting in high capital levels. During the second quarter, we completed the $200 million stock repurchase program approved by the Board earlier in the year. Year to date, we have repurchased 8 million shares of common stock.”
“We are pleased with the strong results for the second quarter of 2013 and believe East West is on track for another year of record earnings. I am confident that as the economic environment continues to improve in the U.S., East West will continue to be able to expand our market share, grow our profitability, and deliver strong financial results for our shareholders,” concluded Ng.
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