EAST WEST BANCORP REPORTS RECORD NET INCOME FOR FULL YEAR 2024
OF $1.2 BILLION AND DILUTED EARNINGS PER SHARE OF $8.33; INCREASES DIVIDEND AND REPURCHASE AUTHORIZATION
Pasadena, California – January 23, 2025 – East West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq: EWBC), parent company of East West Bank, reported its financial results for the full year and fourth quarter of 2024. Full year 2024 net income was $1.2 billion, or $8.33 per diluted share. Fourth quarter 2024 net income was $293 million, or $2.10 per diluted share. Full-year returns on average assets were 1.60%, returns on average common equity were 15.9%, and book value per share grew 12% year-over-year.
“Looking back on 2024, East West marked another year of record revenue, net income and EPS, generating a 17% return on average tangible common equity1 for shareholders,” said Dominic Ng, Chairman and Chief Executive Officer. “We grew deposits by over $7 billion, reflecting the strength of our customer relationships. Fee income grew 12% year-over-year to a new record level, with notable strength in wealth management, lending, and deposit account fees,” said Ng.
“East West’s mission has always been to support the communities we serve. Our sympathy goes out to everyone affected by the devastating wildfires in Southern California, and our deep thanks goes out to the firefighters, public service workers, and volunteers on the front lines,” stated Ng. “During this unprecedented time, I am proud of the actions East West is taking to support our customers, our community, and our associates. I would like to extend special gratitude to East West’s associates for their continued dedication to our clients.”
“Given our strong capital base and industry-leading profitability, we are pleased to announce an incremental $300 million of share repurchase authorization. As we start a new year, we are also pleased to announce a 9% increase in our common stock dividend,” concluded Ng.
