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Earnings Call Summary | Cathay General Bancorp(CATY.US) Q1 2024 Earnings Conference

moomoo AI ·  Apr 22 20:14  · Conference Call

The following is a summary of the Cathay General Bancorp (CATY) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • Cathay General Bancorp reported a Q1 2024 net income of $71.4 million, a 13.4% decrease compared to the previous quarter.

  • Diluted earnings per share dropped 13.5% to $0.98.

  • There was a decrease of $119 million or 2.4% in total gross loans primarily from a drop in commercial and construction loans.

  • Total deposits rose by $520.8 million or 10.8% annually.

Business Progress:

  • Revised loan growth for 2024 is between 3% and 4% due to slower growth in Q1 2024.

  • Improved stability was noted with the Tier 1 leverage capital ratio at 10.71% from 10.55% in Q4 2023.

  • A provision for credit loss of $1.9 million was allocated in Q1 2024 compared to $1.7 million in the previous quarter.

  • Projected continued growth with an overall deposit estimated between 4% and 5%.

More details: Cathay General Bancorp IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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