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UPDATE 1-City National Q1 profit beats Street view
April 29, 2010 / 8:47 PM / 8 years ago

UPDATE 1-City National Q1 profit beats Street view

* Q1 EPS $0.19 vs est $0.13

* Net interest income rises 21 pct

* Total non-interest income up 63 pct

* Provision for loan losses up 10 pct April 29 (Reuters) - Bank holding company City National Corp CYN.N posted a better-than-expected first-quarter profit helped by a growth in interest and non-interest income.

“With TARP (Troubled Asset Relief Program) behind us, credit quality showing signs of improvement, and the national economy continuing to recover, we expect enhanced profitability in the remainder of 2010,” Chief Executive Russell Goldsmith said.

Net income available to common shareholders for the quarter rose to $10 million, or 19 cents a share, from $2 million, or 4 cents a share, last year.

The quarterly results also included a non-cash charge of 7 cents a share tied to the repurchase of $200 million preferred stock.

Analysts on average had expected the company to earn 13 cents a share, excluding special items, according to Thomson Reuters I/B/E/S.

Net interest income at the company, which offers banking, investment and trust services, rose 21 percent to $175.5 million. Total non-interest income rose 63 percent to $76.9 million.

First-quarter provision for credit losses rose 10 percent to $55 million.

Shares of the Los Angeles-based company closed at $58.13 Thursday on the New York Stock Exchange. (Reporting by Supantha Mukherjee in Bangalore; Editing by Ratul Ray Chaudhuri)

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