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City National Corporation Grows Second-Quarter 2013 Net Income To $59.7 Million, Up 9 Percent From Second-Quarter 2012; First-Half 2013 Net Income Totals $111.3 Million, Up 10 Percent

Stocks in this article: CYN

In the second quarter of 2013, noninterest income accounted for 29 percent of City National's total revenue, compared to 26 percent in the second quarter of 2012 and 32 percent in the first quarter of 2013.

Wealth Management

City National's assets under management or administration totaled $59.1 billion as of June 30, 2013, up 18 percent from the same period of 2012 but virtually unchanged from the first quarter of 2013. 

Trust and investment fees were $49.8 million, up 46 percent from the second quarter of 2012 and 7 percent higher than the first quarter of 2013. First-half 2013 trust and investment fee income was up 42 percent from the same period last year.

Brokerage and mutual fund fees totaled $8.1 million, up 53 percent from the year-earlier period and 1 percent higher than the first quarter of 2013. Brokerage and mutual fund fee income was $16.2 million in the first six months of this year, up 57 percent from the first half of 2012.

The year-over-year increases in assets under management, trust and investment fees, and brokerage and mutual fund fees were due to the Rochdale acquisition, additional client assets, and market appreciation.

  At or for the    At or for the  
  three months ended   three months  
  June 30, % ended %
Dollars in millions 2013 2012 Change March 31, 2013 Change
Trust and Investment Fee Revenue  $ 49.8  $ 34.1 46  $ 46.7 7
Brokerage and Mutual Fund Fees  8.1  5.3 53  8.1 0
Assets Under Management (1)  40,634.4  32,105.1 27  39,693.5 2
Assets Under Management          
or Administration (1)(2)  59,133.1  50,040.1 18  59,040.8 0
           
(1) Excludes $25.1 billion, $24.8 billion and $18.4 billion of assets under management for asset managers in which City National held a noncontrolling ownership interest as of June 30, 2013, March 31, 2013 and June 30, 2012, respectively. 
(2) Assets under administration were revised to exclude City National's investments that were held in custody and serviced by the company's wealth management business. Prior period balances were reclassified to conform to current period presentation. 

Other Noninterest Income

Second-quarter income from cash management and deposit transaction fees was $12.9 million, up 12 percent from the second quarter of 2012 but down 1 percent from the first quarter of 2013. For the first six months of 2013, cash management and deposit transaction fee income was $25.9 million, up 14 percent from the first half of 2012. The year-over-year increases were due largely to higher sales volume and growth in transaction volumes among existing clients.

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