First Citizens BancShares jumps after Q1 profit beat

First Citizens Bancshares (Tennessee)

25/04/2024 16:07

** Shares of First Citizens BancShares  FCNCA.O  rise ~7% to
$1,754.96 in morning trade 
    ** FCNCA's profit beat expectations as it earned higher
interest income and reaped the benefits of its acquisition of
failed Silicon Valley Bank last year
    ** Adjusted profit of $52.92 per share beats estimate of
$43.32 per share, according to LSEG data
    ** FCNCA's assets have been boosted by its buyout of SVB,
which collapsed last year and triggered the biggest banking
sector crisis since 2008 
    ** FCNCA shares up ~23.7% YTD, including session moves 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))