First Citizens BancShares gains as Q1 profit jumps multi-fold

First Citizens Bancshares (Tennessee)

10/05/2023 16:51

** Shares of First Citizens BancShares Inc  FCNCA.O  up 6.1%
at $1,160.8
    ** Co's Q1 GAAP profit jumps to $653.64/share from
$16.70/share, a year earlier
    ** Reports a gain of $9.82 bln in Q1 from its acquisition of
failed lender Silicon Valley Bank in March
    ** NII for the quarter was $850 mln vs analysts' estimate of
$793.3 mln, according to Refinitiv data
    ** Deposits at qtr-end rises to $140.05 bln from $89.41 bln
as of Dec 31, 2022, primarily driven by SVB segment deposits of
$49.26 bln at March quarter end. 
    ** Co expects 2023 NII to be between $6.2 bln and $6.5 bln
    ** "We continue to operate with solid capital and liquidity
positions" - CEO Frank B. Holding, Jr.
    ** FCNCA has risen 53.97% YTD

 (Reporting by Sri Hari N S in Bengaluru)
 ((SriHari.NS@thomsonreuters.com))