City National's Quarter Beats ExpectationsThursday, July 18, 2013
Downtown bank holding company City National Corp. boosted loans and profits in the second quarter, beating analysts’ estimates.
The parent of City National Bank on Thursday reported second-quarter net income of $60 million ($1.04 a share), a 9 percent increase from the same period a year ago. Wall Street analysts expected income of 96 cents a share, according to Bloomberg LP.
Bank revenue fell slightly, down 2 percent to $285 million, as the bank’s net interest margin shrank by more than half a percentage point. Those lower margins were partially offset by higher non-interest income from investment management fees and a larger loan portfolio and. The bank had $15.8 billion in outstanding loans at the end of the quarter, up 17 percent from the same period a year ago.
City National reported results after markets closed Thursday. Shares of the company closed at $67.22, up 3 percent from Wednesday’s close.