Downtown bank holding company City National Corp. boosted loans and profits in the second quarter, beating analysts’ estimates.
The parent of City National Bank on Thursday reported second-quarter net income of $60 million ($1.04 a share), a 9 percent increase from the same period a year ago. Wall Street analysts expected income of 96 cents a share, according to Bloomberg LP.
Bank revenue fell slightly, down 2 percent to $285 million, as the bank’s net interest margin shrank by more than half a percentage point. Those lower margins were partially offset by higher non-interest income from investment management fees and a larger loan portfolio and. The bank had $15.8 billion in outstanding loans at the end of the quarter, up 17 percent from the same period a year ago.
City National reported results after markets closed Thursday. Shares of the company closed at $67.22, up 3 percent from Wednesday’s close.