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California: News and Insight on Business in the Golden
State | THE STATE / BANKING

City National 3rd-Quarter Net Rises 22%

October 15, 1998|Bloomberg News

City National Corp., City National Bank, said third-quarter profit rose a better-than-expected 22% as assets rose to a record $5.9 billion. Net income rose to $25.4 million, or 53 cents per diluted share, from $20.9 million, or 44 cents per share, a year earlier. Analysts expected earnings of 50 cents a share. The gains come as Beverly Hills-based City National Bank increased its assets by 19%, in part through the acquisition of Harbor Bancorp earlier this year. As a regional bank, it avoided declines in international markets that cut into profit of many larger global banking companies. City National's shares rose 31 cents to close at $29 on the New York Stock Exchange.

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