Strong loan and deposit growth propelled East West Bancorp in San Marino, Calif., to record third-quarter earnings.
Net income for the $2.4 billion-asset company, which has a mostly Chinese-American customer base, was $8.8 million, up 25%. Earnings per share were 38 cents, up 23%. A 20% increase in loan volume, to $1.65 billion, accounted for most of the gains.
East West also reported that a 29% rise in deposits helped its net interest margin rise to 4.09%, from 3.72% in the third quarter of 1999.