The bank, which mainly serves businesses and wealthy individuals, earned $46.3 million, 86 cents a share, compared with $39.7 million, 74 cents a share, in the first quarter of 2011. Revenue was $276 million compared with $275 million a year earlier, but down 4% from the fourth quarter.
Credit quality improved. The percentage of nonperforming assets declined from 1.89% to 1.11%, and City National did not make a provision for losses on loans.
The earnings, announced after the markets closed Thursday, came in just ahead of Wall Street’s consensus estimate. City National stock was up 35 cents a share at $52.01 in afternoon trading Friday in New York, a rise of 14% since a recent low of $45.51 in early March.