PrivateBancorp Up on Narrower Loss - TheStreet

PrivateBancorp Up on Narrower Loss

PrivateBancorp continues the trend of regional bank earnings outperformance as narrower than expected losses beat the Street again.
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CHICAGO (

TheStreet

) --

PrivateBancorp

(PVTB)

was up 8% on Monday morning in the pre-market, and by as much as 11% in the first minutes of trading after the opening bell, after a narrower-than-expected in the fourth quarter.

Analysts has been expecting a 33-cent-per-share loss, but a net income spike of 69% -- to approximately $100 million -- allowed PrivateBancorp to beat the Street by 3 cents, with a 30 cent per share loss.

For the fourth quarter, Private Bancorp's net loss was $18.6 million, compared with a loss of $62.8 million, or $1.98 a share last year.

PrivateBancorp also reduced its provision for loan losses to $69.5 million, down from $119.3 million a year ago.

PrivateBancorp was continuing an earnings trend among regional banking players that last week saw

KeyCorp

(KEY) - Get Report

,

SunTrust Banks

(STI) - Get Report

,

Fifth Third Bank

(FITB) - Get Report

and

Comerica

(CMA) - Get Report

all report narrower than expected losses.

The regional banks like

KeyCorp and Fifth Third Bancorp traded up last week, even while Wall Street's big banks were taking losses.

-- Reported by Eric Rosenbaum in New York.

RELATED STORIES:

>>Regional Bank Winners: Key, Fifth Third

>>SunTrust Beats, Joining Regional Winners

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