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City Nat'l 1Q Profit Drops 96 Percent; Shares Fall
Stock quotes in this article:
CYN
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LOS ANGELES (AP) — City National Corp. shares fell Friday after it said first-quarter profit dropped 96 percent and that it planned to cut its dividend, but results were better than Wall Street expected.
After the close of trading on Thursday, the regional bank also said it expects to remain profitable throughout 2009, and at levels above the first quarter.
For the January-March period, City National earned $2 million, or 4 cents per share, after paying preferred dividends. This compares with earnings of $44 million, or 91 cents per share, a year earlier. ...
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