Cathay General Bancorp Posts $95.2 Million Q3 Profit, EPS Rises to $1.43

Cathay General Bancorp (CATY) reported third-quarter net income of $95.2 million, or $1.43 per share, up from $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%. The company recorded a provision for credit losses of $28.6 million, compared with $28.7 million a year earlier. Non-interest income increased to $42.8 million from $21.0 million, driven in part by higher gains on equity securities. CEO Chang M. Liu said results reflected strong franchise performance, citing growth in net interest income, loans and deposits, and continued margin expansion.