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UPDATE 1-East West Bancorp Q4 tops, sees FY11 EPS above Street
January 25, 2011 / 10:40 PM / 7 years ago

UPDATE 1-East West Bancorp Q4 tops, sees FY11 EPS above Street

* Q4 adj EPS $0.35 vs est $0.29

* Q4 bad loan provisioning falls 80 pct

* Sees FY‘11 EPS $1.44-$1.48 vs est $1.38

* Sees Q1 EPS $0.33-$0.35 vs est $0.31

* Shares up 3.5 pct in extended trading

Jan 25 (Reuters) - East West Bancorp (EWBC.O) posted a higher-than-expected quarterly profit, as improving credit quality helped reduce provision for loan losses, and forecast 2011 earnings above Wall Street estimates, sending shares up more than three percent.

The bank holding firm reported fourth-quarter net income available to common shareholders of $32.2 million, or 22 cents per share, compared with $253.6 million, or $1.96 per share, a year ago.

Excluding a non-cash charge of $18.7 million, it earned 35 cents per share.

Analysts were expecting earnings of 29 cents a share, excluding items, according to Thomson Reuters I/B/E/S.

Net interest income was up 11 percent at $246.6 million while provision for loan losses fell to $29.8 million from $140 million.

The company forecast its fiscal 2011 earnings of $1.44-$1.48 per share and sees bad loan provisions of about $95-$100 million for the period.

Analysts were expecting earnings of $1.38 cents per share.

Shares of the company were up 73 cents at $21.28 in extended trading after closing at $20.55 on Tuesday on Nasdaq. (Reporting by Abhinav Sharma in Bangalore; Editing by Joyjeet Das)

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