City National Beats ExpectationsThursday, July 24, 2014
City National Corp. reported strong second-quarter earnings after markets closed Thursday, posting net income of $66.7 million ($1.11 a share), up 12 percent over the same period a year ago.
That topped Wall Street analysts’ expectations for earnings of $54.6 million (98 cents a share). Shares closed at $74.20, up 2.4 percent, in advance of Thursday’s announcement.
City National, parent of downtown L.A. lender City National Bank, reported strong growth in both loans and deposits. The company’s total assets now top $30 billion.