Los Angeles Business Journal

City National Profit Beats Expectations

By James Rufus Koren Originally published October 25, 2013 at 8:22 a.m., updated October 25, 2013 at 2:45 p.m.

City National Bank’s corporate parent reported solid earnings, with profits higher than analysts expected.

After markets closed Thursday, downtown L.A.’s City National Corp. reported net income of $63.6 million ($1.10 a share) for the quarter ended Sept. 30, up 6 percent from $59.8 million ($1.10 a share) for the same period a year earlier. (Earnings per share remained unchanged because of additional shares issued since last year.)

Analysts had expected net income of $1 a share, according to Bloomberg. City National shares were trading down 30 cents (0.4 percent) in after-hours trading Thursday.

City National reported growing assets, loans and deposits. Bank revenue was $303 million in the quarter, down 4 percent from $317 million in the same period last year. The bank more than made up with difference with fewer loan losses in the most recent quarter.

Shares on Friday closed up $3.03, or 4 percent, to $72.48 on the New York Stock Exchange.