Curious about East West Bank net worth and financial performance? Join Ando Money as we explore the latest figures and insights.
Let’s dive into what makes East West Bank stand out among the largest worldwide banks.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | East West Bank |
| Full Name | East West Bancorp, Inc. |
| Traded as | Nasdaq: EWBC |
| ISIN | N/A |
| Founded | 1973 |
| Founders | N/A |
| Country/Territory | United States |
| Headquarters | Pasadena, California |
| Chief Executive Officer | Dominic Ng |
| Number of Employees | N/A |
| Market Cap | $10.14 billion |
| Total Assets | $69 billion |
| Total Equity | $7 billion |
| Revenue | $644 million (Q1 2024) |
| Net Income | $285 million (Q1 2024) |
What is the Net Worth/ Market Cap Of East West Bank in 2024?
As of 2024, East West Bank boasts a ‘market cap’ of $10.14 billion. This positions it among significant players in the banking industry.
For comparison, ‘Northern Trust’ holds a market cap of $17.47 billion, and ‘Regions Financial Corporation’ is valued at $18.02 billion.
East West Bank’s strong market capitalization reflects its robust financial health and competitive stance among the leading banks in the US.
East West Bank Financial Performance Overview
Analyzing Quarterly Earnings
East West Bank‘s recent quarterly earnings highlight its continued growth and stability.
For the first quarter of 2024, the bank reported a net income of $285 million and diluted earnings per share (EPS) of $2.03.
When excluding a $10 million pre-tax FDIC special assessment charge, the adjusted diluted EPS stands at $2.08.
This solid performance underscores the bank’s effective strategies in managing its finances and generating substantial shareholder value.
Breakdown of Assets and Liabilities
East West Bank’s total assets reached $69 billion as of the first quarter of 2024. The loan portfolio is a significant component, with total loans amounting to $52 billion.
This slight decrease from the previous quarter was offset by a year-over-year increase of 6%. The loan portfolio comprises various types of loans, including commercial and industrial loans, commercial real estate loans, and residential mortgages.
On the liabilities side, deposits have grown to $58.6 billion, up by $2.5 billion from the end of 2023.
This growth was driven by a successful branch-based certificate of deposit (CD) campaign for the Lunar New Year, showcasing the bank’s effective customer engagement strategies.
Notably, noninterest-bearing deposits make up 25% of the total deposits.
Revenue Streams
East West Bank generates revenue from both interest and non-interest sources. Interest income from loans and investments remains the primary revenue stream.
The bank’s net interest income for the first quarter of 2024 was $565 million, slightly down from the previous quarter due to higher costs of interest-bearing deposits. The net interest margin (NIM) declined to 3.34%.
In terms of non-interest income, the bank earned $79 million in the first quarter. This includes fees from deposit accounts, lending fees, wealth management fees, and customer derivative revenue.
While some areas like foreign exchange income saw declines, other segments like deposit and lending fees experienced growth, contributing to a balanced income stream.
Capital Strength and Shareholder Returns
The bank maintains strong capital ratios, with stockholders’ equity totaling $7 billion. The book value per share increased to $50.48, and the tangible book value per share rose to $47.09.
These figures reflect the bank’s commitment to maintaining a solid capital base.
The bank has also been proactive in enhancing shareholder value through share repurchases and dividends.
In the first quarter of 2024, East West repurchased 1.2 million shares of common stock for approximately $82 million.
Furthermore, the board declared a second-quarter dividend of $0.55 per share, underscoring its confidence in the bank’s financial strength and future prospects.
Credit Quality and Risk Management
East West Bank’s credit quality remains robust, with nonperforming assets at $165 million, up from $114 million at the end of 2023.
This increase reflects the bank’s careful monitoring and management of its loan portfolio. The criticized loans ratio stood at 2.30% of loans held-for-investment, highlighting the bank’s diligent risk management practices.
The bank’s allowance for loan losses increased to $670 million, representing 1.29% of loans held-for-investment.
This provision ensures that the bank is well-prepared to absorb potential losses, maintaining its financial stability.
Market Presence and Competitive Position
The bank has a strong market presence both in the United States and Greater China. Its operations span key markets in California, Georgia, Illinois, Massachusetts, Nevada, New York, Texas, and Washington.
This geographic diversity allows the bank to leverage opportunities across different regions.
The bank’s strategic initiatives and competitive position are further strengthened by its diversified business model.
Through prudent asset growth and stable credit quality, the bank is well-positioned to outperform the industry in 2024 and beyond.
Leadership and Corporate Governance
Dominic Ng, the Chairman and Chief Executive Officer, has been instrumental in steering East West towards consistent growth.
Under his leadership, the bank has navigated various market challenges and emerged stronger.
The bank’s governance practices and board of directors ensure that it adheres to high standards of corporate governance, contributing to its overall success and stability.
FAQs about East West Bank
What services does East West Bank offer?
Personal Banking, Business Banking, Wealth Management, and International Banking. Services include checking and savings accounts, credit cards, home loans, commercial loans, SBA loans, investment planning, and foreign currency wire transfers.
What is the history of East West Bank?
Founded in 1973 in Los Angeles to serve the Chinese-American community. Now one of the largest independent banks in Southern California, with a presence in the U.S. and Greater China.
Does East West Bank offer online banking?
Yes, they offer online and mobile banking. Services include checking balances, transferring funds, bill payments, and account management. The mobile app supports Zelle and mobile check deposit.
What loan options are available?
Home Loans, Auto Loans, Personal Loans, and Business Loans. Options include mortgage loans, home equity lines, commercial real estate loans, and equipment financing.
How can I transfer money?
Methods include internal transfers, domestic wire transfers, ACH transfers, and international wire transfers. They support Alipay transfers to China and Zelle for U.S. transfers.
What are the fees?
Fees vary by account and service. Review the terms for each product for specific fees. Examples include minimum balance requirements and account opening fees.
What security measures are in place?
Robust security including encryption, secure login, and fraud detection. Educational resources are available to help protect personal information.
Does East West Bank support international transactions?
Yes, they offer foreign currency wire transfers, business trade financing, and Alipay transfers to China. Services are available for personal and business needs.
Conclusion
In conclusion, East West Bank’s robust financial performance underscores its strength. Share your thoughts, spread the word, or read more on andomoney.com to stay updated with the largest worldwide banks.
