U.S. Markets open in 7 hrs 34 mins

East West Bancorp tops Street 1Q forecasts

PASADENA, Calif. (AP) _ East West Bancorp Inc. (EWBC) on Wednesday reported first-quarter profit of $169.7 million.

The Pasadena, California-based bank said it had earnings of $1.16 per share. Earnings, adjusted for non-recurring gains, were 88 cents per share.

The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.

The bank holding company posted revenue of $418.7 million in the period. Its adjusted revenue was $388.1 million, which also beat Street forecasts. Four analysts surveyed by Zacks expected $314.5 million.

East West Bancorp shares have increased nearly 1 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $51.12, an increase of 44 percent in the last 12 months.

_____

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

_____

Keywords: East West Bancorp, Earnings Report