Cathay General Profit Grows 8 PercentWednesday, July 17, 2013
Cathay General Bancorp on Wednesday reported solid second quarter earnings, backed by a growing loan portfolio.
The Pasadena bank holding company, parent of Cathay Bank, reported second-quarter net income of $28 million (35 cents a share), an 8.2 percent increase from the same period a year ago. The results were in line with analyst’s expectations.
During the quarter, Cathay’s loan portfolio grew by nearly 5 percent to $7.7 billion, an increase of $330 million over the quarter ended March 31. Interest margins improved in the quarter, but only slightly, rising by a meager .06 percentage points to 3.3 percent.
Cathay announced results after markets closed Wednesday. Shares were flat Wednesday, closing at $22.74 – down just a penny from Tuesday’s close.