Record Revenue and Loan Growth
East West Bancorp reported another quarter of record revenue. Loan growth was solid, with end of period loans up 1% quarter-over-quarter to a new record level of $54 billion.
Strong Fee Income
A record quarter of fee income was delivered, with fees up 8%, driven by strong customer activity across various sectors.
Improved Asset Quality
Asset quality remained solid with annualized net charge-offs totaling 12 basis points, a decrease in non-performing assets ratio by two basis points to 24 basis points, and a strengthened allowance for loan losses to 1.35%.
Robust Capital Ratios
East West's CET1 capital ratio stands at a robust 14.3%, while the tangible common equity ratio rose to 9.9%.
Efficiency and Profitability
The Q1 efficiency ratio was 36.4%, with a near 16% return on tangible common equity and a 1.6% return on average assets.