City National Profit Rises

(RTTNews) - Banking company City National Corp (CYN) on Thursday reported first-quarter net earnings to equity holders of $57.5 million or $1.01 per share compared with $49.7 million or $0.89 per share last year.

Analysts polled by Thomson Reuters estimated earnings of $1.02 per share for the quarter. Analysts' estimates typically exclude special items.

The company said its net interest income for the quarter increased 9% year-over-year to $224.8 million. Noninterest income was up 10% at $111 million.

Analysts estimated revenues of $332.9 million for the quarter.

The company attributed the growth in net interest income to higher income on loans and securities, as well as lower cost of funding. Its net interest margin for the quarter averaged 2.99% compared with 2.96%the fourth quarter of 2014.