Cathay General Bancorp Posts $95.2M Q3 Profit, Up From $92.2M in Q2
CATY sits 33% above its 52-week low of $44.568.
Summary
Cathay General Bancorp reported third-quarter net income of $95.2 million, up from $92.2 million in the second quarter, when EPS was $1.37 and net interest margin widened to 3.48%. Third-quarter EPS came in at $1.43. The sequential gain points to continued margin expansion and steady loan growth at the Los Angeles-based commercial bank. At a roughly $4 billion market cap, a $3 million quarter-over-quarter increase is modest but directionally consistent with the improving profitability trend shown in the Q2 10-Q filed August 7. The headline carries only the net income line, so the quality of the beat depends on the full release's margin, provision and buyback details. The board's $200 million repurchase authorization remains in place and could support per-share results.
At the time of this announcement, CATY was trading at $59.39 on NASDAQ in the Finance sector, with a market capitalization of approximately $4B. The 52-week trading range was $44.57 to $65.26. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.