Cathay General Bancorp (CATY) Reports Strong Q4 Earnings, Exceeding Expectations
LOS ANGELES (AP) - Cathay General Bancorp (CATY) announced fourth-quarter earnings of $80.2 million, translating to $1.12 per share. These results surpassed Wall Street's average estimate of $1.11 per share, according to three analysts surveyed by Zacks Investment Research.
The bank's net revenue for the period reached $345.5 million, with net interest income amounting to $186.5 million, both exceeding analysts' forecasts.
For the full year, Cathay General Bancorp reported a profit of $286 million, or $3.95 per share, on revenue of $729.7 million.
Since the start of 2023, CATY shares have climbed 2.5%. In Wednesday's closing moments, the stock rose to $48.78, marking an 11% increase over the past 12 months.