East West Bancorp, Inc. (NASDAQ:EWBC) Q3 2023 Results Conference Call October 19, 2023 11:30 AM ET

Company Participants

Adrienne Atkinson - Director of Investor Relations

Dominic Ng - Chairman and Chief Executive Office

Christopher Del Moral-Niles - Chief Financial Officer

Irene Oh - Chief Risk Officer

Conference Call Participants

Casey Haire - Jefferies

Brandon King - Truist Securities

Broderick Preston - UBS

Ebrahim Poonawala - Bank of America

Dave Rochester - Compass Point

Manan Gosalia - Morgan Stanley

Matthew Clark - Piper Sandler

Timur Braziler - Wells Fargo

Gary Tenner - D.A. Davidson

Chris McGratty - KBW

Operator

Good day, everyone, and welcome to the East West Bancorp's Third 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 Adrienne Atkinson, Director of Investor Relations. Please go ahead.

Adrienne Atkinson

Thank you, operator. Good morning, and thank you, everyone, for joining us to review East West Bancorp's third quarter 2023 financial results. With me are Dominic Ng; Chairman and Chief Executive Officer; Christopher Del Moral-Niles, our new Chief Financial Officer; and Irene Oh, Chief Risk Officer. This call is being recorded and will be available for replay on our Investor Relations website. The slide deck referenced during this call is available on our Investor Relations site.

Management may make projections or other forward-looking statements, which may differ materially from actual results due to a number of risks and uncertainties. Management may discuss non-GAAP financial metrics. For a more detailed description of the risk factors and the 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, Adrienne. Good morning, and thank you everyone for joining us for our earnings call. Before we start, I would like to welcome Adrienne and Chris. I would also like to congratulate Irene on assuming the role of Chief Risk Officer and thank her for her service as CFO, and help in ensuring a smooth transition. Their leadership will be integral in advancing the Company's growth strategy and risk capabilities.

I will now begin the review of our financial results on Slide 3 of our presentation. This morning, we reported strong results. Third quarter 2023 net income was $288 million and diluted earnings per share was $2.02, driven by a record level of quarterly revenue and net interest income. Our continued customer focus and diversified growth strategy allowed East West to grow loans from the prior quarter and add significant customer deposits. We kept expenses well controlled generated quarterly positive operating leverage and grew tangible book value. We also maintained broadly stable asset quality and continue to proactively manage our creditors.