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Saturday, Oct 1, 2022
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City National Profit Increases

City National Corp. rose in the fourth quarter improvement in credit quality and double-digit increases in revenue, net interest income and deposits.

After the markets closed Thursday, the Los Angeles holding company for City National Bank reported net income of $39.7 million (74 cents per share), compared with $19.7 million (38 cents) a year earlier. Revenue rose 5 percent $280 million.

Excluding two one-time items related to one of the company’s FDIC-assisted acquisitions and debt redemption of trust preferred securities, net income $47.1 million (88 cents). Analysts surveyed Thomson Reuters on average expected adjusted per-share profit of 69 cents on revenue of $261 million.

Deposits grew 19 percent to $18.7 billion, and net interest income was up 14 percent to more than $188 million.

The company raised its quarterly common stock cash dividend to 20 cents per share, payable Feb.16 to stockholders of record on Feb. 2.

“City National has emerged from the recession larger, financially stronger and better able to serve its growing client base,” Chief Executive Officer Russell Goldsmith said in a statement, noting that the bank plans to open three more branches in California this year. “The company is well-positioned for the continuing but moderate economic recovery and the opportunities it presents.”

Shares on Friday were down $1.58, or 2.5 percent, to $60.54 on the New York Stock Exchange.

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