WASHINGTON (dpa-AFX) - East West Bancorp Inc. (EWBC), parent company of East West Bank, reported that its second-quarter net income available to stockholders increased to $58.81 million from $30.20 million last year. Earnings per share was $0.39 compared to $0.21 prior year.
Net interest income before provision for loan losses were $227.34 million compared to $203.62 million a year ago. Noninterest income was $12.49 million compared to $35.68 million last year.
Analysts polled by Thomson Reuters expected the company to report profit of $0.37 per share for the quarter. Analysts' estimates typically excludes special items.
East West Bancorp provided updated guidance for full year 2011. East West Bancorp now estimates earnings per share for the full year of 2011 will range from $1.52 to $1.54 or an increase of approximately 83% to 86% from 2010.
East West Bancorp noted that the updated guidance for full year 2011 is an increase of approximately 3% from its previously released guidance.
Analysts currently expect the company to report fiscal 2011 earnings per share of $1.52.
East West's Board declared third-quarter dividends on the common stock and Series A Preferred Stock. The common stock cash dividend of $0.05 is payable on or about August 24, 2011 to shareholders of record on August 10, 2011.
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