City National Profit Rises 12% in Quarter
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City National Corp. reported 12% higher profit on increases in lending and asset management, saying stronger demand for business loans boded well for the coming year.
The Beverly Hills-based parent of City National Bank earned $49.7 million, or 97 cents a share, during the fourth quarter, up from $44.4 million, or 87 cents, a year earlier. For all of 2004, net income was $206.3 million, or $4.04 a share, up 10.5% from $186.7 million, or $3.72, in 2003.
Chief Executive Russell Goldsmith said the bank’s loan portfolio was up 10% for the year and 4% in the latest quarter, with an improving California economy fostering hopes for more growth.
In another positive sign, Goldsmith said real estate continued to appreciate, but “at a slower and more sustainable pace.”
E. Scott Reckard
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