East West Bancorp May Exceed Estimates

East West Bancorp Inc., a San Marino-based bank with deposits of about $1.35 billion, said Tuesday that 1999 earnings per share may rise above analysts’ estimates.

The bank, which largely serves the Chinese American community, said it told analysts in recent discussions that it was comfortable with projections of 57% growth in earnings per share for 1999, above the consensus estimate of analysts polled by First Call/Thomson Financial, which anticipates growth of about 54%, from 76 cents per share in 1998 to $1.17 per share in 1999.

The bank also said it told analysts that it had confidence in “its ability to further generate record earnings per share in 2000” but did not estimate the size of the growth.

Analysts expect 2000 earnings per share of $1.40.

“Despite significant and sustained increases in interest rates and market concerns over the economic and credit cycle, we remain highly confident in our ability to achieve record earnings in both 1999 and 2000,” Chairman and Chief Executive Dominic Ng said.

He said the bank continued “to experience healthy loan demand from a diverse source of commercial borrowers, our portfolio credit quality remains extremely sound, and we have generated significant cost savings and earnings accretion from the First Central acquisition.”

East West shares rose 13 cents to close at $9.63 on Nasdaq.