Cathay General Bancorp Q3 Profit Rises

(RTTNews) - Cathay General Bancorp (CATY) on Wednesday reported third-quarter net income of $95.2 million, or $1.43 per share, compared with $77.7 million, or $1.13 per share, in the year-ago quarter.

Net interest income before provision for credit losses rose 11.7% year over year to $211.9 million from $189.6 million. Net interest margin expanded to 3.52% from 3.31% a year earlier.

The company recorded a provision for credit losses of $28.6 million, compared with $28.7 million in the prior-year quarter.

Non-interest income increased to $42.8 million from $21.0 million a year earlier, driven in part by higher gains on equity securities.

"Our third quarter results reflected strong performance across the franchise. Net interest income grew, loans and deposits increased meaningfully, and net interest margin continued to expand," said Chang M. Liu, President and Chief Executive Officer.