East West Bancorp, Inc. (NASDAQ:EWBC) Q3 2022 Earnings Conference Call October 20, 2022 11:30 AM ET

Company Participants

Julianna Balicka - Head of IR

Dominic Ng - Chairman and CEO

Irene Oh - CFO

Conference Call Participants

Ebrahim Poonawala - Bank of America Merrill Lynch

Chris McGratty - KBW

Clark Wright - D.A. Davidson

Jared Shaw - Wells Fargo

Brandon King - Truist Securities

Operator

Good day, and welcome to the East West Bancorp Third Quarter 2022 Earnings 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 this event is being recorded.

I would now like to turn the conference over to Julianna Balicka, Director of Investor Relations. Please go ahead.

Julianna Balicka

Thank you, Betsy. Good morning, and thank you, everyone, for joining East West Bancorp's Third Quarter 2022 Earnings Call with Dominic Ng, our Chairman and Chief Executive Officer; and Irene Oh, our Chief Financial Officer. This call is being recorded and will be available for replay on our Investor Relations website.

During their remarks, Dominic and Irene will reference a slide deck that 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, Julianna. Good morning, and thank you, everyone, for joining us for our earnings call. I will begin the review of our financial results with Slide three of our presentation. This morning, we reported net income of $295 million and earnings per share of $2.08 for the third quarter 2022. Our earnings per share grew 58% annualized for the second quarter of 2022. Total revenue of $627 million grew 55% linked quarter annualized and included record net interest income of $552 million.

Strong revenue growth and improved efficiency drove third quarter 2022, adjusted pretax pre-provision income growth of 66% linked quarter annualized. Asset quality continued to be healthy with very low charge-offs. Our bottom line returns are industry-leading. We returned 1.9% on average assets, 20% on average equity and 22% on average tangible equity this quarter.