East West Bancorp (EWBC) has reported a decrease in first quarter profits from last year, despite beating Street's estimates. The bank's total net income amounted to $285.08 million or $2.03 per share, compared to last year's first quarter of $322.44 million or $2.27 per share.
After accounting for certain items, East West Bancorp confirmed adjusted earnings of $292.33 million or $2.08 per share for the period. On average, analysts had predicted the company to register earnings of $2.00 per share, a forecast compiled by Thomson Reuters, which predominantly excludes special items.
The bank's revenue for the quarter has seen a 3.8% decrease, standing at $644.13 million as compared to last year's $669.84 million.
To summarize on a GAAP basis, the East West Bancorp's earnings for the first quarter are:
- Net income: $285.08 million, down from $322.44 million last year
- Earnings per share: $2.03, down from $2.27 last year
- Revenue: $644.13 million, down from $669.84 million last year.
