City National Corp. (CYN), the parent company of wholly owned City National Bank, reported a rise in first-quarter net income attributable to the company by 11 percent to $51.5 million or $0.90 per share, compared to $46.3 million or $0.86 per share in the prior year quarter.
On average, 22 analysts polled by Thomson Reuters expected earnings of $0.92 per share for the quarter. Analysts' estimate typically excludes one-time items.
Meanwhile, revenue for the first quarter of 2013 reached $295 million, up 7 percent from $276 million in the same quarter prior year. Eighteen analysts estimated revenues of $300.84 million for the quarter.
City National in a statement added that its management anticipates net income growth in 2013 to be 'modest', with loan and deposit balances expected to increase.
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