RALEIGH, N.C. (AP) — RALEIGH, N.C. (AP) — First Citizens BancShares Inc. (FCNCA) on Thursday reported first-quarter profit of $731 million.
The Raleigh, North Carolina-based bank said it had earnings of $49.26 per share. Earnings, adjusted for non-recurring costs, were $52.92 per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $44.27 per share.
The bank posted revenue of $3.71 billion in the period. Its revenue net of interest expense was $2.44 billion, also topping Street forecasts. Five analysts surveyed by Zacks expected $2.3 billion.
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