East West Bancorp Q1 Profit Increases, beats estimates

(RTTNews) - East West Bancorp (EWBC) released a profit for its first quarter that increased from last year and beat the Street estimates.

The company's earnings came in at $322.44 million, or $2.27 per share. This compares with $237.65 million, or $1.66 per share, in last year's first quarter.

Excluding items, East West Bancorp reported adjusted earnings of $329.51 million or $2.32 per share for the period.

Analysts on average had expected the company to earn $2.20 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 44.3% to $599.86 million from $415.61 million last year.

East West Bancorp earnings at a glance (GAAP) :

-Earnings (Q1): $322.44 Mln. vs. $237.65 Mln. last year. -EPS (Q1): $2.27 vs. $1.66 last year. -Analyst Estimate: $2.20 -Revenue (Q1): $599.86 Mln vs. $415.61 Mln last year.