City National Q4 Profit Surges on the Loan Trade
In the fact on Thursday reported an increase in net income for the fourth quarter, reflecting a 14 percent growth in net interest income and lower provisions for credit losses. Fourth quarter net income available to common shareholders increased to $ 39,700,000 or $ 0.74 per share from $ 19,700,000 or $ 0.38 per share in the period one year ago. Net income for the quarter included an after tax charge of $ 3.9 million on the redemption of Trust Preferred Securities and a $ 3,400,000 non-cash charge related to an affiliated company of investment advisers. Fourth quarter provision for credit losses on loans and leases, excluding secured loans, dropped to $ 3 million to $ 80 million in the fourth quarter of last year.
it was excluding non-recurring items, in the fourth quarter, net income was $ 47,100,000 or $ 0.88 per share. On average, 23 analysts polled by Thomson Reuters expected a profit of $ 0.69 per share for the quarter. Analyst estimates typically exclude special items. Total revenues for the fourth quarter rose to $ 280,000,000 from $ 274 million in the same quarter last year. Eighteen analysts expected revenues of $ 261.20 million for the quarter. Fully taxable-equivalent net interest income for the fourth quarter rose 14 percent to 188.3 million U.S. dollars last year, while non-interest income declined 15 percent to $ 95,100,000 last year’s fourth quarter.