EAST WEST BANCORP INC
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
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Income Taxes
| Three Months Ended March 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | % Change |
| Income before income taxes | $372,252 | $421,392 | (12)% |
| Income tax expense | $87,177 | $98,953 | (12)% |
| Effective tax rate | 23.4% | 23.5% | |
First quarter 2024 income tax expense was $87 million and the effective tax rate was 23.4%, compared with first quarter 2023 income tax expense of $99 million and an effective tax rate of 23.5%. The decrease in income tax expense for the first quarter of 2024 compared with the year-ago period was primarily due to lower pre-tax income.
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