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UPDATE 1-City National Q2 profit beats estimates
July 19, 2012 / 9:01 PM / 5 years ago

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.

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