Cathay: Q2 Earnings Snapshot

Associated Press Finance
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LOS ANGELES (AP) — LOS ANGELES (AP) — Cathay General Bancorp (CATY) on Monday reported second-quarter net income of $93.2 million.

The bank, based in Los Angeles, said it had earnings of $1.28 per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.17 per share.

The holding company for Cathay Bank posted revenue of $323.2 million in the period. Its revenue net of interest expense was $204.6 million, also beating Street forecasts.

Cathay shares have dropped 11% since the beginning of the year. In the final minutes of trading on Monday, shares hit $36.28, a decrease of 11% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CATY at https://www.zacks.com/ap/CATY

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