Advertisement

California

East West Bancorp Profit Up 25%

October 17, 2003|From Times Staff and Wire Reports

East West Bancorp, a San Marino-based bank that caters to Chinese American customers, Thursday reported net income of $16.1 million, or 64 cents a share, up 25% from $12.9 million, or 52 cents, in last year's third quarter.

Lending income rose 19%, to $37.5 million, with loans up 25% and deposits up 29% year to date. As at many other banks reporting third-quarter earnings, the low cost of those deposits was a major benefit to East West, which said the average interest it paid on deposits dropped to 0.86% in the latest quarter from 1.65% a year earlier.

Newport Beach-based Downey Financial Corp. reported third-quarter profit of $29.3 million, or $1.05 a share, double the $14.6 million, or 52 cents, the parent of Downey Savings & Loan reported a year ago.

Zions Bancorp, the Salt Lake City-based parent of San Diego-based California Bank & Trust, reported third-quarter net income of $62.1 million, or 68 cents a share, up 57% from $39.4 million, or 43 cents, a year ago.

Pomona-based PFF Bancorp, parent of PFF Bank & Trust, reported third-quarter net income of $9.6 million, or 58 cents a share, compared with $8.5 million, or 47 cents, a year earlier. The results reflect a 40% stock dividend paid to shareholders last month.

Advertisement
Los Angeles Times Articles
|
|
|