Overview

* Hope Bancorp ( HOPE ) Q3 net income rises 28% yr/yr, driven by strong earnings growth

* Company reports 8% qtr/qtr growth in net interest income, highest in three years

* Criticized loans decreased 10% qtr/qtr, improving asset quality

Outlook

* Company did not provide specific guidance for future quarters or full year

Result Drivers

* NET INTEREST INCOME - 8% qtr/qtr growth driven by average loan growth, higher yields on earning assets, and lower cost of deposits

* ASSET QUALITY - Criticized loans decreased 10% qtr/qtr, improving asset quality

* NET INTEREST MARGIN - Expanded by 20 basis points to 2.89% due to loan growth and lower deposit costs

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $0.24

Q3 Net $30.80

Income mln

Q3 $152.50

Allowanc mln

e For

Credit

losses

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy."

* Wall Street's median 12-month price target for Hope Bancorp Inc ( HOPE ) is $12.00, about 11% above its October 27 closing price of $10.68

* The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)