Your Thanksgiving dinner is cheaper this year. Here's why

City National's profit jumps 12% on loan, deposit growth

City National Bank's parent company beats Wall Street's earnings expectations

City National Corp.'s second-quarter profit jumped 12%, handily beating Wall Street's expectations, with double-digit growth in loans and deposits at Los Angeles' largest bank.

The company, parent of City National Bank, said Thursday that it earned $66.7 million, or $1.11 a share, compared with $59.7 million, or $1.04, in last year's second quarter. Revenue rose 12% to $320 million.

The consensus of 20 analysts surveyed by Thompson Financial had been for a profit of 98 cents a share on $309 million in revenue.

City National's assets grew to a record $30.8 billion, up 4% from the first quarter this year and 12% from a year earlier. The bank set aside no new funds to cover losses and released $1 million in previous loss reserves because credit quality improved.

Bank Chairman Russell Goldsmith said the company is "well-positioned for continued progress" the rest of the year with moderate growth in profit for the year.

Twitter: @ScottReckard

Copyright © 2017, Los Angeles Times
EDITION: California | U.S. & World