UPDATE 1-City National Q2 profit beats estimates
* Q2 EPS $1.01 vs est $0.88
* Q2 net interest income rises 13 pct
July 19 (Reuters) - Regional bank City National Corp's quarterly profit topped Wall Street expectations as it earned more interest income.
Second quarter net income attributable to common shareholders rose to $54.8 million, or $1.01 per share, from $47.5 million, or 88 cents per share, a year earlier.
Analysts on an average expected earnings of 88 cents per share, excluding items, according to Thomson Reuters I/B/E/S.
Net interest income rose 13 percent to $221.4 million.
Provision for loan losses -- the money set aside to cover possible bad loans -- was $1 million.
The bank expects modest loan loss provisions for the year.
The Los Angeles-based company's shares closed at $49.95 on Thursday on the New York Stock Exchange.
They have fallen 3 percent in the last three months, underperforming the KBW regional bank index, which has risen 1 percent in the same period.
- Alabama man gets $1,000 in police settlement, his lawyers get $459,000
- Two killed, four wounded in Washington state school shooting
- Two U.S. states to quarantine health workers returning from Ebola zones |
- NYC police say hatchet attack by Islam convert was terrorism |
- 'We won't pay,' furious Cameron tells EU over surprise bill |