Shares of East West Bancorp, Inc. (EWBC) surged over 6% in trading on October 23, 2024, following the release of the bank's impressive third-quarter 2024 financial results. The California-based regional bank reported better-than-expected earnings, driven by strong loan and deposit growth, record fee income levels, and robust credit quality.

East West Bancorp delivered a net income of $299 million, or $2.14 per diluted share, for the third quarter, surpassing analyst estimates of $2.06 per share. The bank's net interest income rose by 4% quarter-over-quarter to $573 million, fueled by higher income from loans. Additionally, the company achieved a record fee income level of $81 million, up 6% from the previous quarter, driven by notable strength in lending, wealth management, and deposit fees.

The bank's loan portfolio expanded by 1% quarter-over-quarter, with growth in residential mortgages, commercial and industrial lending, and multi-family commercial real estate. Deposits also grew by an impressive 3% during the quarter, reaching a record $61.7 billion, indicating strong customer relationships and the ability to gather low-cost funding. East West Bancorp's credit quality metrics also improved, with nonperforming assets declining to 26 basis points of total assets and the provision for credit losses increasing modestly to $42 million.