Improved Quarter at City NationalOriginally published January 19, 2012 at 3:09 p.m., updated January 20, 2012 at 2:27 p.m.
City National Corp., the county’s largest local bank, said its fourth quarter profit rose 11 percent as the company expanded to new markets and set aside less money to cover loan losses.
After the markets closed on Thursday, the Los Angeles holding company of City National Bank, reported net income of $43.9 million (82 cents a share), compared with $39.7 million (74 a share) in the same period a year earlier.
Revenue rose 3 percent to $288 million, with net interest income up 1 percent to $206 million.
Analysts surveyed by Thomson Reuters on average expected earnings of 82 cents a share on revenue of $267 million.
“City National’s strong 2011 performance demonstrated the strength, capabilities and momentum that our organization has built over the past three years and the stability and security of 19 consecutive years of profitability,” Chief Executive Russell Goldsmith said in a statement.
Goldsmith noted that the bank in recent months had opened additional offices in Los Angeles, New York, and San Jose and expanded into Nashville and Atlanta, two important centers for the entertainment industry.
Shares on Friday closed up 1.7 percent to $49.20 on the New York Stock Exchange.