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City National Cuts Profit Forecast Again

June 23, 2006|From Reuters

City National Corp., the Beverly Hills-based parent of City National Bank, cut its full-year profit forecast for the second time in nine weeks Thursday, citing a lower-than-expected increase in net interest income as funding costs increase.

The news was announced after the close of regular trading, in which City National shares slipped 31 cents to $71.96. The shares tumbled 89 cents after hours.

City National said it expected 2006 earnings per share would rise 1% to 4% from a year earlier. On April 19, it had cut its growth forecast to between 8% and 10% from between 9% and 12%.

The company disclosed its revised estimate in a Securities and Exchange Commission filing. City National Bank has $14.7 billion in assets.

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