City National Posts Record Net Income
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City National Corp., parent of City National Bank, on Thursday said third quarter earnings were up 10% from a year earlier, to a record $37.5 million, or 75 cents a share.
The Beverly Hills-based firm said it boosted its loan loss provision by $10 million in the quarter, to $137.2 million, reflecting “economic uncertainties” since the Sept. 11 terrorist attacks.
But City National said it still expects earnings per share for 2001 overall to rise between 8% and 11%, though it said earnings forecasts face “greater variability.”
Assets in the third quarter were up 8% from a year earlier, to $9.4 billion, while deposits rose 7% to $6.9 billion.
The bank’s shares rose $1.19 to $40.70 on the New York Stock Exchange.
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