Cathay General Bancorp Q3 Profit Rises

(RTTNews) - Cathay General Bancorp (CATY) Monday reported third-quarter net income of $72.4 million or $0.93 per share, up from $56.8 million or $0.71 per share last year.

Net interest income before provision for credit losses increased 10.9% to $152.5 million from $137.5 million last year. The increase was due primarily to a decrease in interest expense from deposits.

The net interest margin was 3.22% for the third quarter compared to 3.02% last year.

Non-interest income was $12.2 million for the quarter, an increase 22.0% from $10.0 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.91 per share and revenues of $164.3 million. Analysts' estimates typically exclude special items.