City National Corp. of Los Angeles on Thursday said its first-quarter net income more than doubled from a year ago.
The holding company for City National Bank, which has 12 branches in Nevada, earned $39.7 million, or 74 cents per share, in the three months ended March 31, up from earnings of $10 million, or 19 cents per share, a year earlier.
Revenue rose 9.1 percent to $275 million from $252 million.
“City National delivered another solid performance for the first quarter of 2011,” Chief Executive Russell Goldsmith said in a statement. “Credit quality was stronger than it has been in several years.”
Total assets increased 8 percent over the last year to $21.6 billion. The banking company said it expects increased profitability, moderate economic growth and limited loan demand this year.
City National shares fell 13 cents, or 0.23 percent, Thursday to close at $56.11 on the New York Stock Exchange.
Contact reporter John G. Edwards at email@example.com or 702-383-0420.