Cathay: Q4 Earnings Snapshot

January 25, 2023 GMT

LOS ANGELES (AP) _ Cathay General Bancorp (CATY) on Wednesday reported fourth-quarter profit of $97.6 million.

The bank, based in Los Angeles, said it had earnings of $1.33 per share.

The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.40 per share.

The holding company for Cathay Bank posted revenue of $275.9 million in the period. Its revenue net of interest expense was $213.9 million, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $218.1 million.

For the year, the company reported profit of $360.6 million, or $4.83 per share. Revenue was reported as $790.5 million.

Cathay shares have risen 5% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $42.89, a decline of 3.5% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CATY at https://www.zacks.com/ap/CATY