East West Bancorp, Inc. (NASDAQ:EWBC) Q2 2023 Results Conference Call July 20, 2023 11:30 AM ET

Company Participants

Diana Trinh - Vice President and Investor Relations Officer

Dominic Ng - Chairman and Chief Executive Office

Irene Oh - Chief Financial Officer

Conference Call Participants

Ebrahim Poonawala - Bank of America

Jared Shaw - Wells Fargo Securities

Dave Rochester - Compass Point

Manan Gosalia - Morgan Stanley

Brandon King - Truist

Matthew Clark - Piper Sandler

Gary Tenner - DA Davidson

Chris McGratty - KBW

Brody Preston - UBS

Operator

Good morning, and welcome to the East West Bancorp Second Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note that this event is being recorded.

I would now like to turn the conference over to Diana Trinh, Vice President and Investor Relations Officer. Please go ahead.

Diana Trinh

Thank you, Anthony. Good morning, and thank you, everyone, for joining us to review the financial results of East West Bancorp's second quarter 2023. Joining me are Dominic Ng, Chairman and Chief Executive Officer; and Irene Oh, Chief Financial Officer. This call is being recorded and will be available for replay on our Investor Relations website. The slide deck referenced on this call is available on our Investor Relations site.

Management may make projections or other forward-looking statements which may differ materially from the actual results due to a number of risks and uncertainties, and management may discuss non-GAAP financial measures. For a more detailed description of the risk factors and a reconciliation of GAAP to non-GAAP financial measures, please refer to our filings with the Securities and Exchange Commission, including the Form 8-K filed today.

I will now turn the call over to Dominic.

Dominic Ng

Thank you, Diana. Good morning, and thank you, everyone, for joining us for our earnings call. I will begin the review of our financial results with Slide 3 of our presentation. This morning, we reported solid results, revenue, pretax pre-provision profitability, efficiency and earnings all improved from a year ago.

Second quarter 2023 net income of $312 million and diluted earnings per share of $2.20 were both up 21% and from the prior year period. For the second quarter, both deposits and loans grew 7% linked quarter annualized to $55.7 billion for deposits and $49.8 billion for loans.