Loan demand lifts profit at East West Bancorp
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East West Bancorp Inc. of Pasadena reported 27% higher fourth-quarter profit, citing solid growth in loans.
East West earned $39.1 million, or 63 cents a share, up from $30.8 million, or 54 cents, a year ago. Loans totaled $8.2 billion, up 22% from a year earlier.
The bank’s annual profit rose to $143.4 million, or $2.35 a share, from $108.4 million, or $1.97.
East West Chairman Dominic Ng said the bank, whose core customers are Chinese American, will soon open a full-service branch in Hong Kong.
-- E. Scott Reckard
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